Discussions will be held between the pair for the first time since the FA announced on Friday its decision to remove the armband from Terry until the outcome of his court case in July where he denies a charge of racially abusing QPR's Anton Ferdinand.
ESPNsoccernet understands Capello, whose contract expires after Euro 2012, is not facing the sack for going public with criticism of Bernstein's decision to go over his head and take away the captaincy from Terry.
However, former Football Association chief executive David Davies has told ESPNsoccernet that there is real "disappointment" within the governing body that Capello chose to speak out against the call.
Davies said: "Inside the FA they are questioning whether the England manager has breached his contract. I can tell you I would not have made such a statement unless I knew for a fact that at senior level the FA are questioning whether Capello breached his contract.
"You can read into that what you like, but that doesn't mean I have suggested that the FA would sack the manager, I don't know whether that is the case, I don't have an answer to that. Nor do I have an answer to whether Capello has breached his contract as I haven't seen his contract, although I have seen many previous England managers' contracts, so I might have a clue about that issue."
Manchester United boss Sir Alex Ferguson, meanwhile, has backed Capello's decision to speak out, telling Sky Sports News: "There's nothing wrong with having an opinion.
"I think what'll happen in the next few days is there'll have to be a coming together of the Football Association hierarchy and Fabio Capello because he's the team manager and the importance over the position.
"Without question the most important person at a football club is the manager, no question about it."