German publication Kicker claim the Gunners will pay them £55m which would be a club-record deal.
Aubameyang was whistled by Dortmund fans on Saturday as Dortmund drew 2-2 with Freiburg.
Fans of the Bundesliga club unfurled a banner which read: “No one player is bigger than our club.”
Aubameyang hasn’t made a first team appearance since December 16 but was recalled to the starting line-up for Saturday’s match.
But now he finally seems to be closing in on his much-awaited move to Premier League giants Arsenal.
The report adds that Arsenal forward Olivier Giroud is not willing to move to Dortmund.
How Arsenal could line up if Malcom and Pierre-Emerick Aubameyang sign
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kicker
“Transfer won’t be sanctioned until #BVB have replacement lined up”
David Ornstein
The France international would reportedly prefer a switch to Chelsea as he could remain living in London.
BBC Sport reporter David Ornstein claims that the deal is worth closer to £60m.
He also states that the deal will NOT go through until Dortmund have a replacement for Aubameyang lined up.
“BREAKING: Arsenal close to reaching agreement to sign to striker Pierre-Emerick Aubameyang from Borussia Dortmund for club-record fee in region of £60m,” he Tweeted.
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“Transfer won’t be sanctioned until #BVB have replacement lined up - remains unclear if that will be Olivier Giroud or not #AFC.”
Meanwhile, Dortmund hope French striker Anthony Modeste will be Aubameyang's replacement.
They hope to be able to recruit him for a fee in the region of £26m.
The 29-year-old is currently on loan at Chinese outfit Tianjin Quanjian from Cologne where he scored 40 goals in 68 league games.