The 36-year-old defenseman has been with the Devils since 2008 and replaces former captain Zach Parise, who signed with the Minnesota Wild in the offseason.
"It's a tremendous honor," Salvador said, according to The Record's Tom Gulitti. "It's just a huge compliment."
"The strength, I think, of our group is the depth of leadership in that room," said Devils coach Pete DeBoer, according to Gulitti. "As tough as it was to pick a captain, it was tough to not put A's on certain guys, too. That's a real strength for us. I think whomever I picked would have been right.
"Sal is a consummate pro, leads by example and has developed into a great leader and a great player in this league. So, it was a good choice by us."