The 35-year-old midfielder called time on his England career six years ago but boss Capello was hoping to persuade him into a rethink ahead of the World Cup.
Manchester United boss Ferguson revealed he spoke to Scholes and told him to go with his "gut instinct".
"Paul made his decision years ago," said Ferguson.
"I think Fabio did the right thing to give him the opportunity to come back but he's established with his family, he enjoys his family life and I don't think it was a goer.
"He spoke to me and I told him to go with his gut instinct, and his gut instinct was to stay where he was."
Injury-hit Red Devils pair Owen Hargreaves and Gary Neville missed out on Capello's 30-man training squad, and Ferguson backed Capello's selection decision.
"Owen has not had enough football so you couldn't honestly pick him, that's straightforward," he added.
"Gary has had injury problems over the last few years and I'm sure Fabio has taken that into consideration and he's well covered."
Ferguson was last night presented with the Virgin Active Outstanding Contribution to British Sport Award at the Sport Industry Awards 2010, receiving the trophy from Capello.