Benzema has been struggling to find his best form in the opening stages of the 2016-17 campaign, while Morata has impressed regularly off the bench.
Head coach Zinedine Zidane continues to prefer Benzema up front, though, and Capello believes the Madrid coach is keeping faith in the 28-year-old to please Perez.
“Having to make a choice between Benzema and Morata is a dilemma every coach would love to have,” Capello told Fox Sports Italia.
“I think Zidane has found the right solution. He starts with the French attacker, mainly because he is the president’s darling, and then brings on the Spaniard to decide games.
“I think Zidane’s tactics are the best option here. The results are proving him right.”
Benzema has netted four goals in 12 appearances in all competitions, having started in nine of those fixtures.
The 24-year-old Morata, meanwhile, has seven goals from 15 appearances, despite starting just six times.