Gerrard underwent a groin operation in the spring and has not been involved in Liverpool's pre-season preparations as he continues his rehabilitation.
He has now been ruled out until September after picking up an infection which has required a stay in hospital.
With England due to face Bulgaria and Wales in a Euro 2012 qualifying double-header in early September, Capello is keeping his fingers crossed that Gerrard could be available for selection.
"I read this and it was not good news," Capello told Sky Sports News.
"I think also, Steven Gerrard is a very important player for us and also for Liverpool. It's been a long time this injury.
"I hope he will return quickly because he's one of the players that makes the difference on the pitch."
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.