Aubameyang is reportedly Arsenal’s No 1 target to replace Sanchez if he were to leave this month.
Chile forward Sanchez is out of contract at the end of this season and could be allowed to leave the club to avoid letting him leave for free in the summer.
Aubameyang wanted to leave Borussia Dortmund last summer but failed to force through an exit.
The Gabon international has been in fine form this season, scoring 21 times in 24 appearances for the German side.
And Hislop reckons Arsenal fans would be pleased with the signing of Aubameyang and says he would help replace the pace lost by Sanchez.
“Speculation about Aubameyang was that he had signed a new contract a couple of months ago,” Hislop said.
“Then he came out and said no it’s still sitting on the table.
“Aubameyang to Arsenal makes lots of sense as a replacement for Alexis Sanchez.
“I think he wants out, I think he also brings the pace that Arsenal would lose with Alexis Sanchez.
“It would also go some way to appeasing the fans after losing such a big name like Alexis Sanchez.
“Still not on the level of Alexis Sanchez, but I think it comes very close.”