Capello has been pilloried in the media for his handling of the situation, having given the armband back to Terry without consulting Ferdinand.
Capello has admitted that he "regrets" the way the situation was handled, with Ferdinand reportedly angry to have been kept in the dark as the situation unfolded.
"The captain's really important and I'm really pleased for John that he's got it back," Gerrard told Sky Sports. "I know he's been frustrated since he's lost it. We have to respect the manager's decision and move on, and the good thing is that we won the game.
"Obviously it's sad for Rio because he hasn't done anything wrong to lose it. I did actually get a call - the manager spoke to me and explained what he was going to do."