The two clubs are believed to be in advanced discussions over a deal for the 28-year-old, who has been dropped from the Bundesliga side's first-team plans while his future is resolved.
Dortmund's sporting director Michael Zorc is said to be in London this weekend to thrash out the terms of the transfer and according to a report earlier today, the Gunners have already made an unsuccessful opening bid of £40m.
Earlier this week Wenger hinted that the club were working on a deal for the Gabon international but speaking after his side's 4-1 win over Crystal Palace this afternoon, the Frenchman appeared to backtrack.
"January has been difficult for us, destabilising. We have had big players concerned with moving away which causes uncertainty," he is quoted as saying by BBC Sport.
"Aubameyang no, nothing is happening. He can be left out of the Dortmund team for different reasons, certainly not for transfer reasons at the moment."