Cotchin, who relinquished his duties as skipper at Punt Road in September, will leave large boots to fill, having won three premierships in his tenure as captain of the club.
The veteran midfielder stood down from the role after first taking on the proverbial captain's armband in 2012, becoming the longest-serving Richmond captain in history.
Cotchin's decision has opened the door for several star Tigers to step into the captaincy, with defensive duo Dylan Grimes and Nick Vlastuin, young bull Jack Graham and superstar midfielder Dustin Martin seen as the leading contenders to succeed Cotchin.
Whoever is appointed will take on the task of looking to lead the Tigers back into premiership contention, however Gale has flagged a decision won't be made anytime soon.
“We aren’t in a hurry," Gale said, per Nine Entertainment.
"We have got a process ... in place and we will work through that. I think the depth gives us the ability to make a really strong decision."
The Tigers could look to hand the captaincy to one of their more senior figures at the club, with Martin and Grimes both surpassing the age of 30 this year.
While the likes of Vlastuin, Graham and defender Jayden Short firm as candidates for the future, Richmond could opt for a shorter spell with one of the aforementioned duo in Martin or Grimes.
Speaking on Martin's leadership credentials, Gale commended the three-time Norm Smith medallist's ability to lead his teammates on and off the field.
“Dustin is an uber-professional," Gale said.
"His preparation to get the best out of himself is inspiring, to be honest. He is a terrific leader and he has got a strong sense of who he is and really cares about his teammates and his club.
Richmond boss Brendon Gale has declared Dustin Martin has all the attributes to be the club's next captain.
— 9News Melbourne (@9NewsMelb) November 5, 2021
“They are all really strong leadership attributes and that’s something he really wanted to develop. I think, absolutely, he is more than capable to fill that role.”
Key-forward Tom Lynch stands as another option for the Tigers to consider, with the 29-year-old having captained the Suns prior to his return to Victoria.
The Tigers have not given a timeline as to when they will appoint their leadership group for 2022.