Per MailOnline's Sami Mokbel, the Czech Republic goalkeeper has made a huge impact in his first term with the Gunners and manager Arsene Wenger could hand him the armband as a result.
Centre-back Per Mertesacker is the other likely option given he is the current vice-captain, but the German is not a guaranteed starter in the Arsenal side and thus Cech may get the nod ahead of him.
Cech, 33, only made the switch to Arsenal from Chelsea last summer, but his influence has been obvious all season.
Per Mokbel, the stopper's communication skills have impressed Wenger, and he certainly has the experience to take on the captaincy having won four Premier League titles and a Champions League in more than a decade at Stamford Bridge.
Cech's arrival in north London has solved a long-term problem for the Gunners, namely who should be their No. 1.
Arsenal have long had issues with a number of error-prone goalkeepers—Wojciech Szczesny, Lukasz Fabianski and David Ospina—but Cech is now the undisputed starter between the posts, and he has been excellent this season, per Sky Sports News HQ:
Mertesacker has been at the club much longer—since 2011—but he is not an ever-present in the side and has started 19 of Arsenal's 26 Premier League games this season because of the competition from Gabriel and Laurent Koscielny, per WhoScored.com.
Cech has eased so seamlessly into the Arsenal side that there would surely be no issue should he be handed the armband, and it now looks a distinct possibility.