Former Arsenal midfielder Ray Parlour has urged the club to cash in on Pierre-Emerick Aubameyang if the forward cannot agree a new deal in the coming months.

The Gabonese international has just over a year left on his current contract and the Gunners could lose the 30-year-old for nothing next summer if the situation is not resolved.

However, Parlour believes the Gunners should look to target new players and improve their squad by reinvesting money from his sale.

"I think you've got to sell him if he doesn't sign a contract, and then take the money and try to replace him. It's really difficult to keep a player if he doesn't want to stay," the 47-year-old told talkSPORT.

"It's a big decision to make, but I don't know what sort of money you could get for him if he doesn't want to stay. If you get a good fee for him then you have to try and go out and replace him.

"That is difficult, but it has happened at every single club when players come to the last year of their contract."

Aubameyang, who has scored 49 times for Arsenal in the Premier League, is still understood to be a transfer target for Spanish side Barcelona.