Only a spate of withdrawals will sway Capello's thinking. He will attend Sunday's match between Manchester United and Chelsea at Stamford Bridge before announcing his squad. Owen has scored four goals in six starts this season, and only once played the full 90 minutes.
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Capello is also considering including Ashley Young, as well as Gabriel Agbonlahor.
Capello will watch Tottenham Hotspur host Sunderland, where Darren Bent will hope to impress although he is understood to be behind Agbonlahor in the pecking order.
There will be no surprise names, although Capello will discuss the merits of Tom Huddlestone and Stephen Warnock.
The England management team are debating what to do about Joe Cole. Baldini travelled to Madrid on Tuesday to watch Chelsea face Atletico Madrid in the Champions League, a match in which Cole disappointed and appeared tired.
Having come back so impressively from long-term injury, Capello had fully intended to include Cole, but there are concerns.
However with Aaron Lennon and Theo Walcott definitely out and with a doubt over Milner, Capello will probably still include Cole and possibly start him against Brazil in a re-worked diamond formation.
The manager also knows that, with just one more friendly in March, it may be now or never for Cole.
England will also be without Rio Ferdinand, but talks will take place on Sunday with Liverpool over Gerrard. If the midfielder has a chance of playing against Birmingham City on Monday Capello will include him.