The Gunners have been linked with a move for the Gabon forward, but are expected to face stiff competition from the likes of Borussia Dortmund, Paris St Germain and Fiorentina.
Chelsea have also been credited with an interest in Aubameyang, who's bagged 16 goals in 28 league appearances so far this campaign.
The report claims the 23-year-old is expected to make a big-money move this summer, with a fee in the region of £10m mentioned.
Aubameyang's agent Oscar Damiani said: "St Etienne has already turned down a bid from another French club back in January and will now demand a minimum of €12m."
The Gabon international is one of the most highly-rated young players in Ligue 1, and the interest in his signature could drive his price higher come the end of the season.
Newcastle, with their strong record of recruitment from the French top flight, have also been mentioned as possible suitors.
It looks like he'll have the pick of Europe's top leagues this summer though, with Serie 'A' and Bundesliga sides, as well as Premier League, circling.
St Etienne are pushing for a Champions League qualification place this season, and currently sit fourth, two points behind third-placed Marseille.
Only PSG forward Zlatan Ibrahimovic has scored more goals than Aubameyang this term.
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