Google already has many features to make it easier to manage the bajillion passwords you have. With an upcoming release of Google Play Services, the company will be introducing a feature called Smart Lock that can store your passwords for third-party services and log into them across devices.
Say for example you log in to Netflix on your phone. If you use the same Google account on your tablet with this feature enabled, Android will automatically fill in your password. The passwords will sync across Chrome and Android. There's no indication yet as to whether this will replace or supplement the existing password manager in Chrome.
As Android Police points out, this feature will be a part of Google Play Services, so you can expect it to roll out to devices soon, with app developers including support for Smart Lock shortly thereafter.