He said: "What would I like my next job to be? The coach of a national team. It would have to be a strong national side, one of a certain level.
"Would I consider England or Spain? Who knows. They are good teams." But Capello - who has also been linked with a move to Tottenham - rubbished rumours he is being lined up to replace under-fire Italy boss Roberto Donadoni.
The 61-year-old added: "Absolutely not. The coach is there, he is young and he is good. Let him do his job in peace."