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That's according to respected Italian journalist Gianluca Di Marzio.
Aubameyang has scored 21 goals in 24 games for Dortmund in the Bundesliga this season.
Arsene Wenger has been linked with the pacy Gabon striker in the past.
The French boss has privately admitted defeat in his attempt to persuade Sanchez to stay.
Sanchez, 29, has only six months remaining on his current Arsenal deal and was heavily linked with a move to City last summer.
Now, Di Marzio has claimed state that Wenger is believed to have reignited his interest in bringing Aubameyang to the Premier League.
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“Arsenal are interested in Pierre-Emerick Aubameyang”
Gianluca Di Marzio
Earlier this season, reports claimed that Dortmund were willing to sell their front man for £53m.
But last month, Aubameyang claimed he had signed a new contract which keeps him tied to the Bundesliga club until 2021.
However, his relationship with Dortmund's hierarchy has broken down recently, per Darren Lewis of the Mirror.
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The 28-year-old has endured a turbulent relationship with Dortmund’s hierarchy and was even suspended for ‘disciplinary reasons’ this season.
"We have only one problem with him – that is punctuality. We have to be very clear about that," said the club’s sporting director Michael Zorc.
Arsenal came from behind to earn a point in a pulsating 2-2 draw with London rivals Chelsea last night.