Capello is preparing his side for the friendly international against Switzerland at Wembley on Wednesday, his first game at the helm since replacing Steve McClaren.
The Italian tactician has announced that he will not name a full-time skipper until the World Cup qualification campaign begins in September.
Gerrard told Sky Sports News: "It would be a great honour. I think we've got to respect the fact that John Terry is still our captain, so until that changes John is still our leader.
"But he's not involved for the next game, so we'll have to wait and see who the manager goes with.
"It would be very nice, but until the manager makes that decision I don't want to say too much about it."