Ferdinand has been named as vice-captain of the national team.
England's World Cup qualifying campaign begins in September, with ties against Andorra in Barcelona and Croatia in Zagreb.
Terry was the captain under former coach Steve McClaren as England failed to qualify for Euro 2008.
The centre-half was an inspirational figure for Chelsea during the 2007-08 campaign, although the season ended in disappointment.
Chelsea finished as runners-up in the battle for the Premier League title and Terry agonisingly missed a penalty in May's Champions League final shoot-out that would have given the Blues the trophy at the expense of eventual winners Manchester United.
Capello has taken his time to choose who will wear the armband on a permanent basis, the decision coming eight months after he was appointed as McClaren's replacement.
Liverpool's Steven Gerrard captained the side in Capello's first friendly against Switzerland, Ferdinand for the defeat in France, Terry for the 2-0 win over the United States and David Beckham for the game against Trinidad and Tobago in June.
The Italian said all along he was trying out the players in the role and would make a permanent choice in time for the World Cup qualifiers.
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