Harry tipped for England
Capello has said he will retire from football following the finals in Ukraine and Poland and the Football Association recently stated a preference for replacing the Italian boss with an Englishman.
Having taken Tottenham to the Champions League, Redknapp is one of England's leading managerial figures and speaking in a press conference on Thursday, he would not rule out the possibility of replacing Capello.
"Honestly, it's not something I sit at home and ever think about," Redknapp said. "I really don't. I've always said if you're an Englishman, it would be hard to turn it down, because it's the pinnacle of your career.
"Why do the English lads waste their time doing their coaching badges and all the rest of the work if they're never going to get the chance to manage at the top level? I want to see an Englishman get the job - whoever it may be - and there are lots of lads out there who could do that job, I'm sure.
"2012? I look at my life and I worry about next week, to be honest. Thinking about what's going to happen in two years' time is too far away for me to worry about. Who knows where we're going to be, what we're going to be doing in two years? You just never know.
"There are not many English people about are there, English managers? So I suppose I'm always going to get a mention with a few of the other lads. But I just want to see us do well. I thought we played well the other night. It was a good performance in Switzerland."
Redknapp certainly has one supporter in West Brom boss Roberto Di Matteo. He said: "Fabio Capello has announced his retirement (after Euro 2012) and we should respect his decision. For me, Harry Redknapp is the most obvious successor at the moment. Harry is a great guy, a great manager, a football guy. He has done a terrific job at Spurs and is very likeable."
Blackburn manager Sam Allardyce was interviewed for the job when Steve McClaren was appointed as Sven-Goran Eriksson's successor in 2006 but he was unwilling to speculate if he would once again be a contender in 2012.
"I don't think past one week, and if I get past one month than I'm very, very lucky," Allardyce said. "His contract runs out (in 2012) so I think he's probably pre-empted the fact that they probably wouldn't renew it before that and he can perhaps go out with a bang.
"I seem to remember the FA told Bobby Robson he wasn't getting his contract renewed and we had the best World Cup we've ever had since 1966.
"I'd always like to see an Englishman succeed but the politics that are behind it is very, very difficult to overcome sometimes because it depends where you are and what you're doing at that particular time if you're English."