It has been reported that Terry - stripped of the captaincy last year in the wake of allegations over his private life - will take back the armband as Rio Ferdinand has been unable to maintain his fitness.
However, while Capello is considering making Terry his captain once more for the Euro 2012 tie with Wales on March 26 and the friendly with Ghana on March 29, he is keeping his options open at this stage.
"Fabio Capello was asked by a journalist over lunch whether it was unfair that, in the last game, the captain's armband was handed around, when Frank Lampard came off, and not offered to John Terry," an FA source told ESPNsoccernet.
"Fabio Capello feels it is a long time since John Terry was punished and the captaincy was taken from him, and therefore he should be considered as an option to be the captain.
"Fabio is most likely to look at the dynamic of the dressing room and weigh up all those options before making up his mind, but it doesn't look as though Rio will be fit, and without Steven Gerrard, John Terry would be an option to be captain for that game."
As has been reported, Ferdinand has been in touch with Capello's right-hand man, Franco Baldini, to ask whether it is true Terry could resume the captaincy.
"There is time for Fabio to think about it all a bit better, and when Rio contacted Franco Baldini, there was nothing really to tell him, other than that Fabio would look again at John Terry as an option, but he had not made any decision," the source added.
"Quite frankly the England camp is quite bored with the John Terry subject being discussed for three days. It might be something of huge importance to the English media, but it does not quite have the same significance for the England management team."