Aubameyang was handed the armband at the start of the month after Granit Xhaka was stripped off the captaincy.
The Switzerland international paid the price for reacting angrily to being booed by his own fans in a Premier League game against Crystal Palace last month.
Aubameyang has been captain of his national team Gabon since 2015 and follows in a long line of legendary Arsenal captains that include Tony Adams, Patrick Vieira and Thierry Henry.
The former Borussia Dortmund striker will captain Arsenal at home for the first time on Saturday and ahead of the game against Southampton, the 30-year-old expressed his delight at his new role.
"Arsenal has a great history of wonderful captains like Patrick Vieira and Tony Adams. It is a privilege to follow in their footsteps and I will honour the armband by doing my very best on and off the pitch,” Aubameyang said in the matchday programme.
"When I was younger, I remember always wanting to be captain in my youth teams. I was talking about it with my mum just the other day actually. We were laughing because we recalled how I used to buy armbands myself so I could wear them.
"At the start of my career, I was not too focused on being captain or not. Now, it feels right. It comes with a lot of responsibilities but I feel I can do a great job. I have been Gabon captain since 2015 and that was also a great honour.
"My dad was also the national team captain when he was playing. So to take over from him in a way was again very special. Now, I am doing the double with Arsenal and Gabon and it is a wonderful privilege."
