The wantaway forward had been tipped to leave Dortmund in the summer, but somehow stayed put. But things are heating up again this month, and it's likely he'll be playing his football elsewhere by the end of January.
Earlier reports claimed that the Gunners were preparing an offer of £35m plus Olivier Giroud for the Gabonese hotshot. As to whether or not that part of it has been agreed upon isn't clear as yet, but the Mirror report that the player has reached an agreement with the London outfit, and it is now all left to BVB.
Aubameyang was left out of his side's clash with Wolfsburg on Sunday, his third club ban in the last 12 months, for disciplinary reasons - a missed team meeting to be precise.
Dortmund CEO Hans-Joachim Watzke has since indicated that the player is still in Dortmund's plans, but his future is totally contingent on what he wants.
"Auba has to talk to the coach and tell him whether he is ready to give everything for Borussia Dortmund," Watzke said.
"[Head coach] Peter Stoger and [sporting director] Michael Zorc will discuss it with him.
"For me it is just logical [that Aubameyang stays]. I expect everything to be as it was. He is a player of BVB, he trains and he is in our plans for the upcoming match."
The Gunners could also sign Aubameyang's former teammate Henrikh Mkhitaryan this month, with Manchester United ready to include the Armenian in a package deal for Alexis Sanchez.