Capello has managed at the highest level with the likes of Real Madrid, Roma and Milan all on the list of the Italian's former clubs.
England are currently on the look out for a new coach with Sven Goran Eriksson due to step down following this summer's World Cup.
Capello is among the favourites to replace the Swede, but while he is interested in the role he does not want to manage The Three Lions until he is finished at club level.
Managing England could be Capello's last job in football as he plans on retiring to the island of Pantelleria after fulfilling his dream.
"In three years I'll stop with clubs and then I'd like to realise a dream I've had for a long time, England," Capello told weekly 'L'Espresso'.
"Then I could retreat from everyone, maybe in Pantelleria where I've just bought a house."
It had been rumoured that The FA had already approached Capello regarding the job, although he has played down any talks between the two.
