The former England boss has fuelled speculation regarding his future by suggesting he would be keen on replacing Carlo Ancelotti if the Italian departs Parc des Princes
Carlo Ancelotti has recently stated his desire to quit the Ligue 1 champions and replace Jose Mourinho at Real Madrid, prompting the club's hierarchy to draw up a shortlist of would-be successors in the event the 53-year-old leaves Parc de Princes this summer.
And Capello, who is currently in charge of Russia and their bid to qualify for World Cup 2014, has stressed that he has received no approach from les Parisiens, but did little dissuade the capital club from identifying him as a viable candidate.
Speaking to Sovietskiy Sport, he said: "I have had no contact with people from PSG, but in life you should never say never. But at the moment, the reality is that I work in Russia."
The 66-year-old is contracted to the national team until 2014, after signing a lucrative two-year deal in 2012.
Capello's last two coaching positions have been with national sides, having spent four years as England boss between 2008 and 2012, but he has a long and illustrious past at club level, with AC Milan, Real Madrid, Roma and Juventus on his CV.