Following his appointment in January, Capello announced that he was set to rotate his captains before selecting a permanent on-field leader for the beginning of the 2010 World Cup qualifiers in September.
However, Hargreaves believes that Capello should stick with Ferdinand after the defender helped skipper United to a Premier League and UEFA Champions League double in the absence of injured club captain Gary Neville.
"There are a lot of individuals who could possibly be captain," Hargreaves told a press conference live on Sky Sports News.
"Rio has been the most consistent player in England. He had a tremendous season and epitomised everything we did. He would be a fantastic captain.