The FA set its target almost two years ago, two matches into Capello's reign as England manager.
The national side has not reached the last four of a major tournament since Euro 96 when Terry Venables' side lost to Germany on penalties.
And the last World Cup semi-final appearance came in 1990, when England were again beaten on penalties by the tournament's eventual winners Germany.
Capello, speaking at the Laureus World Sports Awards on Wednesday, said he expected tough games in Group C against the United States, Algeria and Slovenia, but he was looking towards the later stages of the competition.
"Algeria played against Egypt and beat them (in the World Cup qualifiers) so Algeria are probably stronger than Egypt," he stated. "I respect this team.
"I hope to play against Italy in the final but my shirt at that moment will be an England shirt."
The World Cup kicks off on Friday 11 June, with England's opening game against the United States on the following day.
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