Discussions are expected to take place over the summer, with Aubameyang out of contract in two years time.
The Gabon striker is likely to receive a big pay rise after a season in which he shared the Premier League Golden Boot, after scoring 22 goals.
He is currently thought to be on around £190,000-a-week.
It is rumoured Guangzhou Evergrande and Shanghai SIPG have both made moves for the player and have offered an eye-watering £300,000-a-week, in order to try to tempt the 29-year-old to the Chinese Super League.
The Gunners are also due for talks for Aubameyang’s strike partner Alexandre Lacazette.
