The Three Lions coach controversially took the captain's armband off Ferdinand in March and reinstated Chelsea's John Terry, who had been stripped of the honour for personal reasons in the first place.
And, as the Red Devils stopper prepares to return to the international fold for England in Saturday's Euro 2012 qualifier against Switzerland at Wembley, Capello confirmed he has told Ferdinand the reasons why he opted to give Terry the captaincy back and revealed that he is now second in command.
"The captain is John Terry, Rio is vice-captain," said Capello.
"I have spoken with Rio and told him why I made my decision. He said some things to me.
"He wasn't happy but he understood. At the end, we shook hands."
Capello also dismissed fears that Ferdinand could have walked away from international football following his demotion.
"I never thought he would stop playing with us. Not at all," added the Italian.
"He likes to play with the national team. He is an important player and personality, for what he can do in the dressing room."
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