"England would be very interesting for me because I know the teams and players very well," the 65-year-old told The Times newspaper. "I want to manage a team that wants to win something, if possible.
"It has to be interesting based on the value of the team, not money. I don't work for money," added Capello, who quit the England job in February after the Football Association removed John Terry as national captain against the Italian's wishes.
"I want to manage a team that is able to play in the Champions League and to fight for lots of trophies."
Capello, who enjoyed successful spells at club level with AC Milan, Roma, Juventus and Real Madrid, also said he supported the FA's decision to appoint West Bromwich Albion manager Roy Hodgson as his successor as England boss.
"I have known Roy since he was coaching in Italy [with Inter Milan] and I have met him often in these last few years," he added.
"I believe he is a very good and experienced manager and he is a very good choice for the England national team. I wish him all the best for the future and Euro 2012."
