Capello says there is no rift between himself and Owen after comments attributed to the Newcastle striker led to claims the 28-year-old was confused by the Italian's tactics during the recent friendly with France.
Capello has accepted Owen's explanation that his remarks were taken out of context and has been happy to see the player who has netted 40 times for England looking back to his best in recent weeks.
Capello said: "First of all, Michael Owen has denied making those comments to begin with and I have absolutely no problem with him. There is no problem between him and me as far as I am concerned.
"My relationship with Michael Owen is the same as with all the players. A good manager should have that equal relationship whether it is with Michael Owen, David Beckham, Rio Ferdinand or anyone else.
"I have a group of players and Michael Owen is part of my plans."
Capello has been impressed with the deeper role Owen has been given recently by Magpies boss Kevin Keegan and believes that has led to his scoring resurgence.
He said: "Michael Owen has made me think. Recently he has been playing in a different role behind the two strikers for Newcastle and I believe he is scoring because he is playing in that different role."