The son of seven-time World Champion Michael Schumacher faces an uncertain future in the sport as Haas have not decided whether they want to keep him for next season.
Williams are actively searching for a driver to partner Alex Albon in 2023, after confirming that Nicholas Latifi will part ways with the Grove-based team at the end of the current campaign.
Should Haas opt to move on from Schumacher, Williams would be intrigued to bring in the German, as they believe he has done enough to warrant an F1 seat.
"Mick deserves to stay in Formula 1. We'll see if that happens, but he's definitely an option for us,' Capito told RTL.
"[A Schumacher in a Williams] would certainly be charming.
"[He could] really move forward and be a very good driver in Formula 1. He's now in his second year, if you look at George Russell, he also made mistakes with Williams in the second year and he nevertheless developed.
"Formula 1 is very complex and the step from Formula 2 is so big because the cars are so complex and technically more demanding.
"You have to learn that, you have to give a driver two years to get there and show what he can do in the third year."
Schumacher is 16th in the Drivers' Championship with 12 points. His only two points finishes this season are a sixth place in Austria and an eighth place at Silverstone.