"We have five objectives. Two are completed and we'll have to see how the others go. There is no rush," Capello told a news conference at the club's training camp in Austria.
Italy's World Cup-winning captain Cannavaro, 32, and Brazilian midfielder Emerson, 30, agreed to join Real from troubled Italian club Juventus on Wednesday.
Real did not disclose the cost of the deal but Spanish media said they would pay about 20 million euros ($24.99 million) for the pair.
The two players will be reunited with former Juve coach Capello, who took charge of nine-time European champions Real earlier this month.
"Emerson and Cannavaro have experience and quality, are competitive and there is no problem with their ages. Good players can continue to perform until they are 35," Capello said.
"They will be important figures for Real and above all are team players. The most important thing we had to do was to sign a defender and a midfielder and now that is done."
Capello refused to be drawn on who the other signings might be when asked if Juve's Gianluca Zambrotta was also going to join Real.
"He is a great player but it appears that Barcelona have an agreement with him. We are relaxed because we have Roberto Carlos and we'll see if we can get another player instead," he added.
Media reports say Barca have reached agreements with Zambrotta and Lilian Thuram for a combined fee of about 19 million euros.
Real's new president Ramon Calderon originally pledged to bring AC Milan midfielder Kaka, Chelsea winger Arjen Robben and Arsenal's Cesc Fabregas to the Bernabeu, but has encountered stiff resistance from their clubs.
Real are also trying to sign Manchester United's Dutch international striker Ruud van Nistelrooy, but have had their initial bid rejected by the English club.
On Van Nistelrooy, who is also being chased by Bayern Munich, Capello said: "We are in discussions and trying to sign him. Everyone wants to get important players but in the end it is the players who decide."
