Lampard has enjoyed an impressive start to life in the dugouts after cutting his managerial teeth at Derby County last season.
The 41-year-old led the Rams to the championship play-off final where they lost out to Aston Villa before making a romantic return to Chelsea this campaign.
Lampard has overseen a bright start to the season with the Blues as Chelsea sit in third place on the Premier League table after twelve round of matches.
Capello picked Lampard on a regular basis for England during his spell as manager between 2008 to 2012, and has been impressed by his former protégé’s transition from player to manager.
England are flourishing under Gareth Southgate’s guidance as the Three Lions have followed last summer’s world cup heroics with qualification to next year’s European championships.
While Southgate’s position is currently safe, Capello will not be surprised if the Premier League’s youngest manager takes charge of his country at some point.
'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 when asked if Lampard could one day take charge of his country.
'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.'
