(CNN) -- Fabio Capello wants to stay on as England manager but has been told his future will be decided in the next two weeks.
After his side's calamitous 4-1 defeat to Germany in the last 16, there have been suggestions that the Italian could lose his job.
He told a press conference Monday: "I spoke this morning with (Club England chairman) Sir Dave Richards and he told me that he needs two weeks to decide."
Asked whether he wanted to stay in his role, Capello gave an emphatic reply.
"Absolutely. I said I can be the manager of England for the next season, but it is for him (Richards) to decide.
"We spoke also about younger players that can play for the next qualification and I know what I have to do."
Capello remains puzzled by England's poor performances in South Africa, despite their star-studded squad, but claimed fatigue was a major factor.
"I think not only Wayne Rooney but all the England players are generally tired in this competition.
"I spoke with the coaches and they told me the physical situation was not like the players that we know," he added.
FA spokesman Adrian Bevington said they did not want to make a "knee-jerk reaction" in the aftermath of Sunday's shattering setback.
"We are all very clear that Fabio is under contract with the FA until the 2012 European Championships and nothing has changed in that respect," Bevington said.
"Obviously everybody is very disappointed today with the fact that we've gone out of the World Cup in a manner that everyone back in England and the fans that have traveled are incredibly frustrated with.
"So it makes perfect sense for us to go back to London and take stock of the situation, reflect fully on the tournament and see what we can take from it and just speak to Fabio from there."
Capello renewed his reported $9 million per year deal with the FA just ahead of the World Cup finals, having led England through a highly successful qualifying campaign.