The Blues are currently in third place in the Premier League table after 12 games and sit just eight points off leaders Liverpool.
Lampard has opted for youth this campaign, with the likes of Tammy Abraham, Mason Mount and Fikayo Tomori flourishing in the side and Capello has conceded that Lampard has the capability to be England manager one day.
"I don't know. Probably ... because he can do it. He understands everything and has started without fear and put young players on the pitch," he told Sky Sports.
"I follow him. I watch all the games and I was upset when he started the season and he lost two games and the team didn't play well.
"Now, the results are good and the position is really good and without the [transfer] market."