The Manchester City manager rates Capello extremely highly and believes his fellow Italian has what it takes to lead England to victory in two years' time.
Capello intends to retire after the Euros and England have already taken positive steps towards the finals with successive victories against Bulgaria and Switzerland in qualifiers.
That would go some way to placating the supporters after a disappointing World Cup in South Africa.
However Mancini insists the turning point came when Frank Lampard's effort was disallowed when the ball was clearly over the line and Germany ran out 4-1 winners
Mancini said: "I think the national team has a fantastic manager. In the World Cup England were very unlucky.
"The referee did not award a goal. It changed their World Cup but under Capello they have a chance to win the European Championship."
Mancini was delighted six City players finished the qualifier against Switzerland in midweek.
Goalkeeper Joe Hart, Joleon Lescott, Gareth Barry, James Milner, Adam Johnson and Shaun-Wright Phillips all played a part in the 3-1 victory.
Mancini said: "I was very proud. It is a fantastic thing for the club to have six players in the England team. It is an incredible situation for us.
"I think all our players did well and England played a good game against Switzerland. They have young players, who can play for long time."
Mancini wants Carlos Tevez to carry on playing for Argentina even though the striker was hurt on international duty.
Tevez suffered a knock during the victory against Spain in a friendly in midweek and is doubtful for tomorrow when Blackburn visit Eastlands.
The club captain indicated he might retire from Argentina but Mancini said: "It is important that a fantastic player like Carlos plays for Manchester City and the national team. The national team is always important.
"Would I mind if he carried on? No. But sometimes I would like Carlos and all players to stay here during the break. It is difficult when they re-start."
Full back Micah Richards is in contention for a place against Blackburn after shrugging off a chest infection that caused him to drop out of the England Under-21 squad.
City are looking to bounce back following their first defeat of the season with Darren Bent scoring the winner for Sunderland with a stoppage-time penalty.
Mancini believes it will be just as tough when they face a side shaped by Sam Allardyce.
He said: "Blackburn are a strong team and all games at the start of the season are very difficult. This year we will meet many teams that will stay with 10 players behind the ball. But if we stay calm until we find a solution we will be okay.
"When you play Chelsea, Liverpool and Manchester United you do not have this problem because they play to win. But this is football.
We must work more and get better results this month."