Speculation has linked the former England boss with the Chelsea position, while he is also thought to be in the running for the UAE national job.
Newly-appointed UAE Football Association president Yousuf Al Serkal recently said they would not be appointing a "big-name" manager unless it is in the best interests of the national team.
But Capello is reportedly in the running along with Al Wasl boss Diego Maradona and UAE Olympic football coach Mahdi Ali.
And the former AC Milan, Roma, Juventus and Real Madrid manager has ruled himself out of taking over Chelsea, suggesting a return to international management could be a possibility.
"I will not go to Chelsea," Capello said. "There is nothing true about the speculation."
Reports had claimed Capello's representatives had made contact with Chelsea to see if the Italian was in the running for the job, but his son and lawyer, Pierfilipo dismissed such claims, calling them "wonderful inventions."
"There is no chance of that happening," he insisted. "I was also astounded to read these reports, but there really is nothing in it. He has had no contact with Chelsea."
Capello and compatriot Marcello Lippi were thought to be the frontrunners for the UAE job and with Lippi taking over Chinese club Guangzhou Evergrande, the speculation linking Capello with the UAE position has since intensified.