Emery introduced a pool of five skippers following his appointment but saw his original choices decimated by the summer departures of Laurent Koscielny, Petr Cech and Aaron Ramsey.
Granit Xhaka and Mesut Ozil are the only other member of the initial five still at the club.
But Speaking to SkySports, Holding, who captained Arsenal in the Carabao Cup, revealed that Emery recently conducted a poll to decide who gets the armband.
“He likes his five captains. We all did a vote the other week so we’ll see what happens and see who gets named,” Holding said.
“It was just a case of writing names down and then giving them to the manager and he will go through them – obviously with his input – and we’ll see what happens.
“I have no idea [when an announcement will be made], but there is a lot of leaders in that team who are helping each other out and pushing each other on.
“Now that we’ve got these five captains that the manager has brought in it’s spreading the leadership group rather than having one person to dictate it. You’re getting more input, it’s generating a good environment.”