Some critics who feel Capello has an axe to grind with Owen, but Capello spoke warmly of Owen earlier this week, comparing his predatory instincts to those of legendary Italy World Cup-winner Paolo Rossi.
But in the end, having watched Owen make his first full appearance in the flesh at Arsenal on Saturday, Capello felt the 28-year-old simply needed more games.
"Owen is a good player and always scores a lot of goals for England," Capello said on Wednesday before adding: "But he has not played and at this moment, we need fit players."
On Owen's omisson, Alan Shearer admitted it had come as a "big shock".
Former Newcastle and England striker Shearer believes Capello may have made a mistake by not having the 28-year-old involved in his plans
"When you consider he has got a goal every two games it's a big shock," Shearer said on BBC's Match Of The Day Two programme.
"None of the other players have got a good goalscoring record at international level but Michael Owen has.
"He's the sort of player who, if you are 1-0 down to Croatia, you would want to come off the bench and get you a goal."