Shouldn't be an audible difference.
If the DACs (digital to analog converter chips) are similar quality in both the player and receiver it doesn't matter.
The are a couple of considerations however.
First, analog interconnects can pick up noise that may end up audible once it goes through the amplifier.
Second, if you use an HDMI cable to run the audio and video wire management is simple. It can be a real chore to run eight audio cables and some sort of video neatly between components.
Third, boils down to cost. A savy shopper can pick up a 3' HDMI for >$6 online. You won't get close to that with shielded analog cables.