Arsenal have so far failed to agree a fee with Borussia Dortmund for Aubameyang.
Gunners representatives have been in Germany this week trying to finalise a deal for the Gabon international.
Dortmund admit they are willing to sell Aubameyang but only if their asking price is met.
Former Arsenal striker Paul Mariner believes the 28-year-old would be the perfect signing for the north London side.
And he has demanded Arsene Wenger to spend an extra few million because it is not his own money.
“Pay the money, pay the money, (they’re) penny-pinching,” Mariner told ESPN FC.
“They’re being just absolutely ridiculous, being completely Arsenal.
“The simple fact of the matter is this; the fans want to see this guy, I think most of European fans want to see Aubameyang in the Premier League.
“I think that the way that the Arsenal play, the thing with Aubameyang you can get balls over the top, he’s tricky in his combination play.
“I think he’s ideal for the Arsenal. So Mr Wenger, just pay another £5million, it’s not your dough, just get the deal done.