Capello will name his squad late on Sunday for World Cup qualifiers against Kazakhstan and Belarus but Owen does not yet know if he will be back in the fold.
Capello: "He's fit enough but it's not a good moment for Newcastle.
"Sometimes it depends a lot on the results of the team where you're playing for confidence, for form.
"I have to decide on 23 players and I decide not because I like or dislike players but because I choose who I think is the best player at the moment. "The last game, Owen was not in the squad because he'd just played one game. This time we have to decide."
Owen, who has scored 40 goals for England, is unlikely to be encouraged by the news that Capello has opted not to watch Newcastle play Everton in the Premier League on Sunday but to send his assistant instead.
Capello will attend the game at Stamford Bridge.