The Gabon international is into the final year of his existing deal and had been tipped to find a new club ahead of next season.
Aubameyang is said to have raised doubts over whether Arsenal could match his ambitions, while his reported £250,000-a-week salary demands have also been a sticking point.
However, the 31-year-old appears to be set on penning fresh terms with the Gunners if his recent social media activity if anything to go by.
Appearing on an Instagram Live video with brother Willy, Aubameyang was asked by a supporter to "blink if you're gunna sign".
Aubameyang winked at the camera in an exaggerated manner with a smile on his face, with another Arsenal fan replying with "done deal!"