Inter president Massimo Moratti has already moved to squash rumours that Capello will replace Claudio Ranieri as coach, calling the assertions "groundless". The ex-England manager left in a chaotic fashion just months before England's participation in Euro 2012.
However, Vialli believes that Capello will definitely be back in Italy in the near future.
"I wouldn't be surprised if Juventus offered him a role as a director," Vialli told Sky Sport Italia.
"I'd also expect Moratti to call him for the bench after Claudio Ranieri. He certainly has plenty of options."
News of Capello's resignation was greeted with a hint of optimism in the Italian media with clubs such as Inter Milan, Russian side Anzhi Makhachkala and even Manchester United mooted as possible destinations. There were even suggestions of a reunion with his former assistant coach Franco Baldini who now works as a director for Roma.
Capello clashed with the FA over its decision to strip John Terry of the captaincy of the national team without consulting the England manager after the centreback's racism trial was put back until July 9.
Vialli understands why the former Juventus and AC Milan boss felt his authority had been undermined.
"The FA should've told Capello their decision first, then gone to the media," the former Juve forward argued. "It's only normal that he got angry.
"It's also normal, I should add, that the Association accepted his resignation."
Meanwhile, Italian newspapers on Thursday carried reports indicating that the Italian supremo's departure was not just due to the captaincy debacle. Many said that ulterior reasons were also to blame.
"The English could not stand him any longer and he could not stand the English any more, A politically correct excuse was required to terminate a marriage which has never been consummated, and the Terry case, with its racist undertone, was perfect," stated La Repubblica on its front page.
La Repubblica blamed England's performances in the sole tournament that Capello was in charge for the fracturing of the relationship and so the wheels were put in motion much earlier than commonly believed.
For the interim, the FA have confirmed that Stuart Pearce has been put in charge and he will manage the England squad during the international friendly match against Netherlands on 29 February.