Reports in Italy suggested that the former England manager may be tempted by the job with the Rosaneri rumoured to be close to securing Arab investment, but Zamparini has denied these claims.
The club president told Mediagol: "He has an understandable aim at his age - to get a contract in accordance with his fame and of course his value, which is something Palermo cannot have."
Zamparini also predicted that the Italian would more likely accept a job in China or Russia.
"Maybe Capello can come here, but the salaries of coaches in Italy are much lower here to the salary he could be earning in China or Russia, where I believe he will go in the end," he added.
Capello has been out of work since resigning as England manager in February.