Capello will step down from his position following the conclusion of the European Championships in Ukraine and Poland, provided that England qualify for the competition.
A number of reports have linked Pearce with the job, but the current England Under-21s boss has distanced himself from the speculation.
"At this stage, I don’t have the experience for the job. I enjoy the job I do at the moment," the 49-year-old told talkSPORT. "I believe it’s maybe a job for an older man who has got more experience.
"I can quite understand one or two people’s sentiment that possibly I should be pitching in for an opportunity to do this job. I just feel as though it’s not the right time at the moment. I feel as though I need to get more experience.
"At the moment I’m gaining experience and I’ll be a better candidate in a few years' time, I hope."
Pearce has been in charge of England's youngsters since 2007.