The Portugal forward brought an end to his glittering nine-year stint at Real Madrid this week by agreeing to join the Serie A champions in a nine-figure transfer.
Although some have criticised Juve's significant transfer and salary outlay on the 33-year-old, former Bianconeri boss Capello believes that the move is fantastic for the Italian game.
"Cristiano Ronaldo's arrival is very important for Italian football, a work of genius for Juventus and for all of Italy," Capello is quoted by Football Italia as saying.
"It also represents an investment that will certainly improve the club on a financial level too. Ronaldo is a money-making machine and brings definite business to Juventus.
Ronaldo won two La Liga titles, two Copas del Rey and four Champions Leagues during his time in the Spanish capital.