Earlier this month the Italian resigned after publicly challenging the Football Association's decision to strip John Terry of the captaincy.
"I don't think it will affect the England team," Gerrard told BBC Sport.
"We'll get a new manager - it's a fresh start for everyone. It may be the lift we need to have a successful summer."
Capello, who had the best winning record of any England manager with a 66.7% win ratio, had been expected to take the team to Poland and Ukraine for Euro 2012 before his surprise departure.
The Italian manager was appointed after England failed to qualify for Euro 2008 and, as well as guiding the team to Euro 2012, took them to the 2010 World Cup before they were knocked out by Germany in a 4-1 last-16 defeat.
Stuart Pearce has stepped into the vacancy as caretaker manager, and Gerrard admits he was shocked to see Capello resign.
"Yes, I was surprised, of course," said Liverpool captain Gerrard.
"I thought he would stay until the end of the summer, until the end of his contract and then move on, so it was a bit of a surprise."
On Thursday, Gerrard was named in Pearce's squad for the friendly against the Netherlands on 29 February - the first time since November 2010 the 31-year-old Liverpool midfielder has been part of the national set-up due to injury.
Gerrard is the favourite to be named captain by Pearce for Wednesday's friendly after Terry had the armband taken away by the FA last month pending his trial on racial abuse charges.
Ferdinand, who is not in the squad to play the Netherlands, has ruled himself out of the running to replace Terry as England captain but Gerrard said he would be very proud to wear the armband.
"If I get offered it, I'll take it and I'll be delighted and I'll be very proud to take it," said Gerrard, who was England captain during the 2010 World Cup.
"But it's not my decision. It's down to, first of all, who Stuart Pearce wants to lead the team out, then whoever gets the job full time. But I want to be England captain."
