A further report from The Guardian speaks of 'productive talks' with Dortmund over a prospective deal, with the Gunners seemingly preparing in earnest for life after Alexis Sanchez, who is expected to leave the club before the end of the transfer window.
In that respect, Arsenal are also believed to be 'edging closer' to a £40m deal for Bordeaux's exciting Brazilian talent Malcom.
Speculation linking Aubameyang with a move to the Emirates Stadium exploded over the weekend after he was dropped from the Dortmund squad for 'disciplinary reasons'.
It is not the first time that the Gabon international has had a run-in with Dortmund officials and it appears to have signalled that his time at Westfalenstadion could be coming to an end after four-and-a-half goal-filled years.
In a further 'hint' that an Arsenal move is close, Aubameyang asked teenage Dortmund teammate Jadon Sancho about life in London on a video the English talent broadcasted on Instagram.
"Can you bring me to London one day?" the 28-year-old asked his young colleague, who was born and raised in the city prior to joining Manchester City's academy at the age of 15.
Should Arsenal complete the deal at £53m, it would represent a new club record transfer, eclipsing the £52m, including add-ons, that bought Alexandre Lacazette from Lyon last summer.
Aubameyang, who beat Robert Lewandowski to the Bundesliga's top scorer award last season after netting 31 times in the league, would add major firepower to the Arsenal's squad in what could well become a fresh new era for the club.