The Frenchman was speaking following an onslaught of reports surrounding the future of England captain John Terry, whose position has been called into question following allegations of an affair with the former partner of Manchester City full-back Wayne Bridge.
The Chelsea skipper held showdown talks with Three Lions' boss Fabio Capello at Wembley on Friday to decide whether he remains captain of his country for the World Cup finals in South Africa.
But Wenger, who takes the Gunners to Stamford Bridge on Sunday to face the table-topping Blues, insists that the collective responsibility required in the game means that it does not really matter who wears the armband.
"Yes it [captaincy] is overplayed, without a doubt," he said on Arsenal's official website.
"[You have to make] an instant decision in a very quick time. The captain has no time to interfere with the individual decisions of the players on the pitch.
"Maybe it has historical roots in battles and fighting. Certainly the captain had always traditionally in the history of England, a big role and a big importance.
"I like that, but team sport is linked with recent history, the 20th Century. Before you had no team sport, it turned up with democracy. Before that, it was all fighting, and so maybe it is linked with historical roots."
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