Cascarino was unimpressed by Saka's leadership during defeat at Newcastle.
He said on talkSPORT: “Bukayo Saka's a fantastic player, and I speak highly of him all the time, because I love his desire, his hunger, his goal, intelligence as a player, his assists.
“I just don't want him to be captain because I think he needs to be on his game and think about his game only.
“You've got Declan Rice in there. Give him the captain's armband. You've got Thomas Partey. I just feel you should be going, Saka, you play your game. I think certain players need to be just left to play their game.
“And when they're forwards, generally, whether it's a goal scorer or a winger, let them get on with it. I just think Arsenal have enough captains in there.
“And this has taken nothing away from Saka, because I think he's a fabulous talent that needs to be. Just leave him to get on with his game."