Aubameyang has 14 months left on his current deal and talks over an extension have not progressed.
That leaves the Gunners in a tight spot, especially with the financial hit that the club expect to take from the coronavirus crisis.
Aubameyang would ordinarily be worth around £55m-£60m on the market, if he was not close to the end of his contract.
However, with clubs unlikely to sanction big money moves, Arsenal will accept bids of around £30m.
The 30-year-old is attracting interest from Barcelona and Chelsea.
Arsenal’s preference would be to sell to a club abroad instead to their London rivals.

