Meanwhile, James added: "I'm so happy to take on the role and responsibility.
"I know I've got big shoes to fill because we have had huge captains here in the past, but I am excited.
"I have been at Chelsea pretty much my whole life. I started here when I was six and to come through the academy is tough. But to go on and become captain, it's a great feeling for me and my family."
James could lead out Chelsea for the first time as club captain when they host Liverpool in their opening match of the Premier League season at home to Liverpool this weekend.