Arsenal and Borussia Dortmund have agreed a deal worth about £60m but the German side will not let him go until they find a replacement, according to Sky sources.
Sky sources understand Olivier Giroud, Michy Batshuayi and Anthony Modeste are among the names being considered by Dortmund, who are looking to secure a signing before the Bundesliga transfer window closes at 5pm on Wednesday.
Arsenal had a bid in excess of £50m rejected last week, with Dortmund's sporting director Michael Zorc stating they would only let the 28-year-old go if their demands were met.
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Aubameyang was booed by a section of Dortmund fans at the Westfalenstadion during their 2-2 draw with Freiburg on Saturday and a banner in the crowd read: 'No player is bigger than our club'.
Should he arrive at the Emirates before Wednesday's deadline, Sky Sports News understands Arsenal will be willing to let Giroud leave the club, with Chelsea very interested in the France striker.
But one source told Sky Sports News on Sunday night that Giroud may yet be involved in the deal to bring Aubameyang to the Emirates by switching to Dortmund.
It is also understood Dortmund are considering a move for Batshuayi, who has been told he can leave Chelsea on loan if they sign a new centre-forward.