Although the 62-year-old thinks that he would be successful as the Three Lions manager, the former Crystal Palace boss is under no illusions that he would be offered the job.
"I could do the England job, no problem," the Daily Mail quotes Warnock as saying. "But there's not a cat in hell's chance of them giving me the job because I've got a sense of humour.
"If QPR were top two or three at Christmas then maybe they would start thinking of me, but the FA will give it to whoever is fashionable or flavour of the month at the time.
"The problem with the job is that half the country would want you, half would say you don't have any international experience, half would say I've got seven promotions and half would say it doesn't count."
Capello is expected to leave his post after the Euro 2012 campaign.