Aubameyang's future at the Westfalenstadion has looked increasingly uncertain due to a number of disciplinary issues this season, with the latest seeing him dropped from the squad to face Wolfsburg this afternoon after missing a team meeting.
The 28-year-old has long been linked with a move to the Premier League, although earlier this month it looked as though a lucrative switch to the Chinese Super League could be on the cards.
However, The Express reports that Aubameyang has now reached an agreement with Arsenal for a deal which will see him become the highest-paid player in the club's history.
The move is reliant on Alexis Sanchez leaving the Gunners this month as well, although the Chilean is understood to be on the verge of a move to Manchester United following reports that he has now agreed terms with the Old Trafford outfit.
Despite his off-field problems this season, Aubameyang has still scored 21 goals in 23 games for Dortmund across all competitions this season.