In my opinion, if anyone should be the captain of the team right now, it should be him.
Not the most vocal or authoritative like JT, but on the pitch, easily the most level headed, mature and perhaps the most intelligent, more like Lampard, and leading by example.
And I remember how many cup finals and other matches we've won with Lampard wearing the arm-band
Add to that, its been almost 6 years since he has been with the club. Knows it from inside-out.