The 64-year-old Italian told a news briefing after watching England crash to a 4-1 loss to Germany - their record defeat in the finals - that he had no intention of resigning from the job he has held since January 2008.
Looking somewhat shocked, he told reporters: "I have time to decide. I have to speak with the chairman. I'm not thinking of resigning."
Asked if he wanted to be reassured that the FA still had confidence that he was the right man for the job, he replied: "Yes."
Less than a month ago, the FA confirmed that Capello would remain as England coach until after the Euro 2012 finals in Poland and Ukraine and were delighted he committed his future to them after transforming the side following their failure to qualify for Euro 2008.
They won nine of their 10 World Cup qualifiers to top their group and played very well in most of them.
He is now been in charge of 28 matches, 19 of which have been won and only five lost - but their performances against the United States, Algeria and Slovenia in the group matches in South Africa were poor and Sunday's display against Germany was an embarrassment for a team tipped as being among the favourites to win the tournament.
NO LUCK
There is no doubt England had no luck after 38 minutes when a perfectly legitimate goal was not given after a Frank Lampard shot bounced off the crossbar and over the line.
If the goal had stood it would have levelled the scores at 2-2 and the outcome might have been different.
Capello blamed the Uruguayan referee Jorge Larrionda for what did appear to be a very bad error of judgement.
"The most important thing was 2-2. We score it, it is incredible, we played with five referees, they can't decide if it is a goal or not.
"The game would be different after this goal, after this moment Germany can play counter-attack and they play well.
"I think this is a mistake of the linesman (Pablo Fandino) and also the referee. From the bench I saw the ball go into the net. I am sure the big mistake of the referee was too important for us to go forward."
Capello now has time to reflect on his future and come to terms with England's failure before the qualifying campaign for the Euro 2012 begins in September.
