Larkin is the team's first captain since Henrik Zetterberg, who led the team from 2012-18. He's the team's fourth captain in the past 34 years, joining Zetterberg, Steve Yzerman, and Nicklas Lidstrom.
"Dylan is an extremely competitive and driven player who sets the standard for dedication and conduct for the Red Wings," general manager Yzerman said. "This is the right time to name our new captain and we're certain Dylan is ready to take on the responsibility. He will be an outstanding leader for us, both on and off the ice."
The Michigan native was selected with the 15th pick in the 2014 draft and has been the face of the franchise through the club's rebuild. He was selected to the All-Star Game in his rookie campaign, becoming the first Red Wing to accomplish the feat since Yzerman in 1984.
Entering his sixth NHL season, Larkin has served as an alternate captain the past two campaigns. Luke Glendening and Frans Nielsen will serve as alternates during the 2020-21 season. Larkin amassed 107 goals and 159 assists in 389 games so far in his career and led the Red Wings in scoring the past three seasons.
Four NHL teams now remain without a captain: The New Jersey Devils, New York Rangers, Ottawa Senators, and Vegas Golden Knights.