AbstractClimate variability on centennial timescales has often been linked to internal variability of the Atlantic Meridional Overturning Circulation (AMOC). However, due to the scarceness of suitable paleoclimate proxies and long climate model simulations, large uncertainties remain on the magnitude and physical mechanisms driving centennial‐scale AMOC variability. For these reasons, we perform a systematic multi‐model comparison of centennial‐scale AMOC variability in pre‐industrial control simulations of state‐of‐the‐art global climate models. Six out of nine models in this study exhibit a statistically significant mode of centennial‐scale AMOC variability. Our results show that freshwater exchanges between the Arctic Ocean and the North Atlantic provide a plausible driving mechanism in a subset of models, and that AMOC variability can be amplified by ocean–sea ice feedbacks in the Labrador Sea. The amplifying mechanism is linked to sea ice cover biases, which could provide an observational constraint for centennial‐scale AMOC variability.