Aubameyang is expected to be announced as an Arsenal player at some point today after touching down in London yesterday to complete the first part of his medical.
The deal is expected to cost the Gunners £55million in total with Borussia Dortmund dropping their valuation of £60m.
It follows on from Alexis Sanchez’s departure to Manchester United last week, who would have been available for free at the end of the season.
Another player the Gunners are at risk of losing for nothing in five months time is Ozil.
But Bild claim the Germany international has decided he will now renew his contract in north London following confirmation of Aubameyang’s deal.
It is said Ozil will put pen to paper on a deal worth close to £305,000-a-week and he wants to spend the next two or three years at the club.
Arsene Wenger has remained confident the 29-year-old would commit his future to the club, despite a lack of progress in negotiations.
And the Arsenal boss hinted last week a new deal could be announced in the near future.
“Our intention is to keep Ozil at the club. Hopefully, we will manage to do that very soon,” Wenger said.
“I am not close enough to be optimistic but not far enough to be pessimistic.
“The vibe I get from his commitment, focus and desire, he behaves like someone who is ready to commit. After that, contract negotiations are what they are.
“But we aren’t close enough to tell you yes, he will stay.”