Daniel Passarella, the former River captain and coach who inherited the heavily indebted "Millionaires" on winning the club presidency in December, said he had offered the job to Cappa.
"Cappa is a trainer to the River people's liking and palate. I think he can help at this time," Passarella, a former central defender with a strong attacking penchant, told a news conference at the Monumental on Tuesday.
"I think he'll give River a different touch, a touch of distinction," added the captain of Argentina's 1978 World Cup-winning team.
Passarella said the previous River administration had bled the club dry and left debts "all over the place", making the recruiting of big-name players a near impossible task.
"We're going to build a competitive team for the next tournament," Passarella, 56, said.
"We're aware (of the danger). I think we've made a change of coach. That shows we're aware," said Passarella.
Charismatic former River, Inter Milan and Argentina striker Ramon Diaz, who as coach steered the team to five league titles in the 1990s, was the fans' favourite. He is not out of the picture but Cappa has first refusal.
