"I was flattered by the fans' desire to see me at the helm until the 2018 FIFA World Cup™. But I think we shouldn't make plans too early because it's a very long term," Capello told Sport Express. "Currently I want to focus on my team's immediate problems."
The much-travelled, 67-year-old Italian coach said that nevertheless he fully intended to stay on in Russia until 2018 although the finer details of a new deal needed to be looked at.
"Money is not the key question. That is just one of the points of discussion," he said. "There are plenty of points that we shall discuss because it's a long-term contract. I'd like to stay in Russia if we manage to work out a joint point of view."
Capello also said that Russia will play friendly matches with Serbia and South Korea in the United Arab Emirates on 15 and 19 November respectively.
"There had been plans to play Argentina and Brazil in the United States, but I decided against this idea because the flights to the USA and back are too long. I also took into consideration the plans of the clubs that are playing in the Russian Premiership and the Champions League."
Capello, who guided Russia into the 2014 World Cup finals, 12 years after their last appearance, said that the qualification would act as a great stimulus for the development of Russian football.
"It's a great achievement to make it into the World Cup finals," Capello said. "Now we need to prepare for the event thoroughly as the participation in the finals will be a serious psychological pressure for all of us. The finals in Brazil will also be very important in our preparations for the 2018 World Cup, which Russia will host."
The former England manager said that he would decide the location of his team's training base for next summer's World Cup after the draw is made in Brazil on 6 December. Capello took over as coach of Russia in 2012 following the resignation of Dutchman Dick Advocaat who quit after Russia's first round exit at UEFA EURO 2012.