The Manchester United midfielder is one of three over-age players chosen to represent Great Britain at the games, with the head coach opting to make the most of the veteran’s extensive experience by handing him the armband.
And the move has gone down well with the rest of the squad, which boasts a number of other potential candidates for the captaincy, with Aaron Ramsey, who is the Wales skipper, believing that Giggs’ impressive track record makes him the perfect leader.
"Everyone knows what he has done in the game," the Arsenal man told the press. "He has been there and done it. He has won many trophies and he is a great player as well. Hopefully he can lead by example and give his experience to the rest of the team."
Craig Bellamy agreed with his countrymen, stating: "He is probably one of the best players who has ever played the game. It is fitting he is captain and also I have been very fortunate to play with him for my country as well, so I know Ryan quite well. It is very fitting he is captain and is here."
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Swansea City duo Scott Sinclair and Joe Allen followed in a similar vein, with the former first citing Giggs’ impressive medal haul over the course of his career, before the latter added: "The experience he has at the very highest level is going to be vital to every single person here. He is an idol probably to most of us here so we are looking forward to playing with him."
West Ham defender James Tomkins was defiant his assessment of the United stalwart, revealing his long admiration for the midfielder’s achievements, before adding: "He is someone you aspire to become. He is a good man, a good player and is rightfully captain of the team."
And his United team-mate Tom Cleverley echoed Tomkins sentiments, before adding that he is “lucky to see him day in, day out” at Old Trafford, with Chelsea youngster added: " To come and be in the same team as him, hopefully I can learn a thing or two."
Team GB’s Olympic campaign kicks off on July 26 against Senegal, before facing UAE and Uruguay to round off the group stage.