Coach Unai Emery says he will consult with other players before making a decision.
Granit Xhaka is set to be absent for Arsenal's game against Liverpool tomorrow after his angry reaction towards the club's fans when he was booed after being subbed against Crystal Palace.
Manager Unai Emery is reported to be ready to consult with the Gunners players before making a decision whether to strip the Swiss midfielder of the captaincy.
The Gunners took an early two goal lead against Roy Hodgson's side before drawing the match 2-2.
Arsenal had a late winner from central defender Sokratis controversially disallowed by VAR following a foul by Callum Chambers.