The Premier League club have already reached an agreement on personal terms with the Gabon striker, and are locked in talks over a fee with BVB.
The Gunners have already tabled two bids, worth €50 million and €58m, which have been rejected.
Dortmund are holding out for €70m, but could compromise on a deal worth €65m if negotiations continue to drag, while Arsenal remain confident of striking a deal.
Olivier Giroud could also enter the equation as a loan makeweight in the deal, with Dortmund keen to replace Aubameyang with a proven striker before the end of the window.
While BVB are keen, however, Arsenal are more reluctant to agree to a temporary switch, unless Giroud's presence in the offer allows them to reduce Aubameyang's fee.
"Anything can happen in the next few days," a source close to Giroud explained to Goal.
"The only concrete point we know is that Dortmund really aren't agreed on Arsenal's offer. And that makes for a lot of consequences."
As previously reported, West Bromwich Albion defender Jonny Evans is also a target at the Emirates Stadium, although Aubameyang is the club's top priority.