The Gabonese forward had an excellent campaign for the Gunners in 2018/19, earning himself the Premier Leagues Golden Boot award, along with Mohamed Salah and Sadio Mane, after netting 22 times.
The Mirror claim that the north London club are preparing to offer Aubameyang a new contract in order to stave off their interest from Chinese clubs Guangzhou Evergrande and Shanghai SIPG.
The report suggests that both have lined up moves the 29-year-old, with the possibility of a £300k-a-week contract on offer.
The 29-year-olds contract not due to expire until 2021, yet the Arsenal board are keen to sit down with Aubameyang this summer to offer big pay rise, which would increase his current £190k-a-week salary.
The Gunners lost Aaron Ramsey on a free to Juventus, after they failed to tie the Welshman down to a new deal and it appears they will surely be keen to ensure they dont allow yet another high-profile squad member to slip through their fingers.
However, Ramsey famously left Arsenal when they wouldnt match his pay demands and it seems unlikely that the Gunners - who famously have just £40m to spend on transfers this summer - can match the £300k-a-week wages potentially on offer in China.
Therefore the logic of offering a big new contract (yet not as big as that potentially on offer with his suitors) to a player whose deal doesnt expire for another two years, when he will be over 30, is questionable.
Meanwhile, the report adds Arsenal are also targeting an extension for Alexandre Lacazette, another player who has recently been linked with a move away from the Emirates.
Barcelona and Atletico Madrid have been mooted as possible destinations for the French forward. However, those links have gone cold of late, while the former Lyon stars current deal runs until 2022.
The Mirror claim he is likely to be offered £200k a week. Again, around £100k (weekly) shy of the supposed offers from China.
The two players are, however, essential to Arsenals attack and most fans would be delighted to see them sign contract extensions regardless of the cost, even if the possibility of losing either player to China (or elsewhere) this summer looks slim at best.