Borussia Dortmund have reportedly informed Arsenal that they must increase their offer to £60m if they want to sign Pierre-Emerick Aubameyang this month.

The 28-year-old is being courted by the Gunners this month as a replacement for Alexis Sanchez, who departed for Manchester United earlier this week, and has been dropped from the Dortmund squad while the deal is thrashed out.

Arsene Wenger's side are already thought to have had two bids for the Gabon international turned down, the most recent of which was said to be around the £50m mark.

According to Bild, Dortmund are holding out for a £60m bid in order to agree to a deal - a figure that would represent a new club-record transfer fee for Arsenal, surpassing the £52.6m they paid to bring in Alexandre Lacazette last summer.

Despite the ongoing price haggle between the two clubs, the deal is still expected to go through before the transfer window closes next Wednesday, with Aubameyang in line to agree terms worth £335,000 a week - itself more than double the Gunners' current record player wage.

With 13 league goals to his name to date, Aubameyang currently ranks as the second top scorer in the Bundesliga, behind only Bayern Munich's Robert Lewandowski.