The Telegraph reported on Friday that head of the Russian Football Union, Sergei Fursenko, met with Capello during Chelsea’s 4-2 defeat against Manchester City last week.
Fursenko is reportedly keen to bring in Capello to replace Guus Hiddink, who is taking over as coach for Turkey this summer.
Russia are prepared to offer Capello more than the £6million-a-year the Italian currently earns as England boss.
A source close to Capello told TeamTalk: “Fabio is committed to England.
“He loves the job and life here. He has a contract to 2012 and so long as the FA want him to, he intends to stay.
“He saw the Russian president at the Chelsea game against Manchester City but is not interested in becoming the manager.
“There is always lots of interest in Fabio, but the England job is one he always wanted, he loves the challenge.
“The World Cup is the only thing on his mind.”