According to the Daily Mirror, the Bundesliga club could make the Gunners wait until the end of the season to sign the Gabon worldwide if the London side does not offer them a specific player in return.
The Gunners want to recruit the Gabon worldwide this month as they go in search of added attacking inspiration.
Very often in deals like this, clubs are unwilling to sell a player unless they have signed a replacement.
Wenger revealed Sanchez was absent from the Arsenal squad on Saturday as he headed to Manchester to seal a deal which has been in the making since United out-bid Manchester City for the former Barcelona star.
And club officials have been in Germany attempting to finalise a deal for Aubameyang.
"At the moment it's one of the possible movements, the final decision is not made".
And Mkhitaryan inadvertently fuelled hope among Arsenal fans that Aubameyang is on the brink of joining him in London when a video emerged of him posing in front of a camera before a green screen.
"That can help us as well because he can play together with Ozil as well as playmaker, so overall it's a good move".
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