Cole has had a mixed year, causing controversy during the John Terry racism case by labelling the FA a "bunch of twats", and seeing his England place come under threat from Leighton Baines.
Capello, though, who was one of four former coaches to be asked, thinks that the left-back is a deserving winner.
"Ashley won the same award for his performances in 2010," said Capello.
"He is world class. He is always consistent, he has fantastic energy, incredible experience and you can rely on him in any situation. His attitude matches his ability and he gives everything for the team."