"For me it would be a real pleasure to coach Russia, it would be a great honour for me, [although] I know it would be a really tough job," Spalletti, who has led Zenit to two consecutive domestic league titles, was quoted as saying by the club's website.
The Russia job became vacant after Dutchman Dick Advocaat's departure following the team's failure to advance past the group stage at Euro 2012 last month.
Asked to comment on his fellow Italian, Spalletti said: "If you take into account his experience, personality and results [Capello] is one of the best in the world. No doubt about that."
However, Alexei Miller, the head of Russian energy giant Gazprom - Zenit's main sponsors - said recently that he would oppose lending Spalletti to the national team or having the Italian combine the two jobs.
"I would think about the difficulties of coaching the national team when I had to face them," Spalletti said. "But if my boss Miller has made such a decision, I just do what he says."
