The report states that the Gunners are willing to put up a fee of £28.7m if it means they can seal a deal for the pacey Gabon international. Manager Arsene Wenger has turned his attention to the player after missing out on Porto's Colombian striker Jackson Martinez - who is all set to join former Spanish champions Atletico Madrid.
Arsenal were linked with Martinez for several months, but Atleti have moved to sign him ahead of their English counterparts in the wake of selling Croatian forward Mario Mandzukic to Juventus. With the Colombian now off the market, Wenger has entered the race to sign the 25-year-old Bundesliga star.
Aubameyang has three years left on his current contract at Dortmund, however the club could be set for something of an exodus this summer after already seeing former manager Jurgen Klopp announce his departure from the club.
Though replaced by former Mainz coach Thomas Tuchel, questions remain over the futures of midfielder Ilkay Gundogan and defender Mats Hummels - while Aubameyang can now be added to the list.
Liverpool were believed to be interested in the player recently, though with the player coming at such a price it's believed they've switched their attention to other targets. Aubameyang bagged an impressive 25 goals in all competitions last season, in spite of the fact Dortmund suffered a disappointing campaign.
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