A spherical capsule (radius
$R$) is suspended in a viscous liquid (viscosity
$\mu$) and exposed to a uniaxial extensional flow of strain rate
$E$. The elasticity of the membrane surrounding the capsule is described by the Skalak constitutive law, expressed in terms of a surface shear modulus
$G$ and an area dilatation modulus
$K$. Dimensional arguments imply that the slenderness
$\epsilon$ of the deformed capsule depends only upon
$K/G$ and the elastic capillary number
${Ca}=\mu R E/G$. We address the coupled flow–deformation problem in the limit of strong flow,
${Ca}\gg 1$, where large deformation allows for the use of approximation methods in the limit
$\epsilon \ll 1$. The key conceptual challenge, encountered at the very formulation of the problem, is in describing the Lagrangian mapping from the spherical reference state in a manner compatible with hydrodynamic slender-body formulation. Scaling analysis reveals that
$\epsilon$ is proportional to
${Ca}^{-2/3}$, with the hydrodynamic problem introducing a dependence of the proportionality prefactor upon
$\ln \epsilon$. Going beyond scaling arguments, we employ asymptotic methods to obtain a reduced formulation, consisting of a differential equation governing a mapping field and an integral equation governing the axial tension distribution. The leading-order deformation is independent of the ratio
$K/G$; in particular, we find the approximation
$\epsilon ^{2/3} {Ca}\approx 0.2753\ln (2/\epsilon ^2)$ for the relation between
$\epsilon$ and
$Ca$. A scaling analysis for the neo-Hookean constitutive law reveals the impossibility of a steady slender shape, in agreement with existing numerical simulations. More generally, the present asymptotic paradigm allows us to rigorously discriminate between strain-softening and strain-hardening models.