But the Italian stressed the importance of players being fit "for a lot of games" - which could count against Ferdinand for the game at Wembley on October 12.
Ferdinand has already lost the Manchester United captaincy to Nemanja Vidic after a series of setbacks have curtailed his appearances for the Red Devils.
Now he must wait to find out whether Steven Gerrard will retain the armband for England after impressing and leading by example as Ferdinand's replacement in his absence.
Ferdinand was named as John Terry's replacement earlier this year but he suffered a knee problem which forced his withdrawal from the World Cup before England launched their ill-fated campaign.
Gerrard was one of the few England players to emerge with much credit from South Africa and has impressed in the flying start to the Euro 2012 qualifying group.
Back injury victim Ferdinand played in Manchester United's Champions League win in Valencia but has to convince Capello he should remain as his on-field lieutenant.
When asked whether Ferdinand would be captain if available, Capello said: "I will decide after seeing which players are fit.
"I haven't decided. I can't speak about who will be captain. I hope all the players will be fit and then I will announce it.
"Why not Ferdinand? No, no no. Wait. I can't speak about if, if, if."
Regarding the change of skipper at Old Trafford, Capello said: "I think Sir Alex decided on one player that played more games (Vidic) and be sure he is always fit. I think so.
"It is important always that the players have to be fit for a lot of games."
Gerrard has created a favourable impression with Capello and was his first England captain for the friendly with Switzerland in February 2008.
He said: "Gerrard is a really good captain. He is captain of Liverpool, and he always plays like a leader on the pitch."
Capello is slowly building his reputation with victories over Bulgaria and Switzerland in the opening two Euro 2012 qualifiers.
But he is adamant there will be no reversal of his decision to end his England tenure after the 2012 finals - even if they win the tournament.
He said: "Will anything change my mind? No. I've decided. It is not a problem if we win or lose (in 2012).
"I've decided. I think after four years, one World Cup, not good results, one Euro, is enough. It is good experience for a manager."
Capello will also play no part in appointing his successor and has no hard and fast opinions on whether his replacement should be English.
He said: "Will I decide who replaces me? Absolutely not. It will be a new era.
"I am asked should the next manager be English but it is the decision of the FA.
"I think in England there are good managers - but the FA has to decide about this."