Chief executive Ivan Gazidis travelled to Germany with other club executives in an effort to thrash out a bid for the wantaway Borussia Dortmund striker, who has been the subject of a number of off-field controversies so far this season.
Aubameyang has been dropped for disciplinary reasons after being kept at the club against his will last summer, and looks increasingly likely to leave the Westfalenstadion this month.
Arsenal are considered the front-runners to sign the Gabon international, but Sky Sports News reports that no agreement was reached yesterday.
Club officials remain in Germany this morning, though, and they are still hopeful of coming to terms over a reported £55m deal.
The Gunners are understood to have offered Olivier Giroud as part of the deal, although Dortmund still believe that the Premier League outfit are undervaluing a player who has scored 21 goals in 23 appearances so far this season.