Golden Knights general manager Kelly McCrimmon said Wednesday that Stone "embodies everything we want in a captain," according to The Athletic's Jesse Granger.
Stone led all Vegas forwards in average ice time last season while ranking second on the club in points and fourth in goals. He's an elite two-way player and one of the NHL's most versatile stars.
The Ottawa Senators traded the winger to the Golden Knights at the 2018-19 deadline.
Vegas opted not to name a captain in its first three seasons, which included an improbable run to the Stanley Cup Final in its inaugural campaign and a Western Conference Final appearance in 2019-20.
Stone spent parts of seven seasons with Ottawa to begin his career. He ranks 10th in goals and points on both the Senators' and Golden Knights' all-time lists.