You should not use title attribute for the img element. The reasoning behind this is quite simple:
Presumably caption information is important information that should be available to all users by default. If so present this content as text next to the image.
Source: http://blog.paciellogroup.com/2010/11/using-the-html-title-attribute/
HTML 5.1 includes general advice on use of the title attribute:
Relying on the title attribute is currently discouraged as many user agents do not expose the attribute in an accessible manner as required by this specification (e.g. requiring a pointing device such as a mouse to cause a tooltip to apear, which excludes keyboard-only users and touch-only users, such as anyone with a modern phone or tablet).
Source: http://www.w3.org/html/wg/drafts/html/master/dom.html#the-title-attribute
When it comes to accessibility and different screen readers:
Hence, as Denis Boudreau adequately put it: clearly not a recommended practice.