The Italian coach declined to comment on his time in charge of England and admitted that he is not surprised to see Paris Saint-Germain rule the transfer market
Vice-president of the Russian Football Union (RFU) Nikita Simonya said on Monday that the 66-year-old had agreed to replace Dick Advocaat, who left the national team after Euro 2012.
Capello hinted that talks with the RFU are at an advanced stage, but insisted that he has not yet penned a deal with the federation.
"I have not signed anything yet, but I hope the deal will go through," Capello told Sky Sport Italia.
"I cannot talk about my time with England. My compensation deal does not allow me to."
The veteran coach then commented on Paris Saint-Germain's activity in the transfer market as the French club are closing in on a deal for Zlatan Ibrahimovic after signing Thiago Silva at the weekend.
"The Sheiks make the market," Capello explained. "Barcelona and Real Madrid are also reflecting the crisis.
"Milan's decision to agree to sell Ibrahimovic and Thiago Silva was wise. I think this was a difficult decision for [president] Silvio Berlusconi to make."