It comes after previous captains Laurent Koscielny, Petr Cech and Aaron Ramsey all left the club in the summer.
Midfielder Granit Xhaka has worn the armband this season but Arsenal have yet to make a final decision.
And Holding has confirmed that Emery asked the players to nominate who they believe to be the most suitable candidate.
“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.”
Holding has backed Xhaka’s captaincy, though, despite criticism of the Swiss international’s performances of late from supporters.
“I love Granit in the changing room,” Holding added. “I think he is great. He is really switched on to people being late, people using the phones. He is quick to dish out the fines.
“I think he is a great leader and just another positive person to have in the changing room.
“He is very demanding and makes demands of us. He puts accountability on ourselves, which is important as a leader.”
The 24-year-old, who made his first appearance of the season in Tuesday night’s 5-0 Carabao Cup win over Nottingham Forest, is also open to the possibility of taking the armband himself.
“I would love to be a captain and being captain of Arsenal is unbelievable. It would be a great feeling,” he said.
“We will see what happens in the next couple of weeks. If I get it, then I'll be more than happy and honoured to do it.”