According to reports, the Gunners seem set to replace Sanchez and Walcott with Aubameyang and Malcom, with the new signings costing them around £93.3m in January.
The January transfer window is now open so clubs are working hard trying to strengthen their squads for the second half of the season and put deals in place for the summer.
Still, there aren't many Arsenal supporters that would be disappointed if a move for Aubameyang did come off, as he's always been one of European football's most risky centre-forwards.
Aubameyang has found himself in trouble with the Bundesliga side in recent times, with the striker having been left out of the squad for the 0-0 draw with Wolfsburg after missing a team meeting the previous day.
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Not for the first time, his name has been mentioned in connection with a possible switch to Arsenal, especially with them needing to find a replacement for Manchester-bound Alexis Sanchez.
The 28-year-old striker has scored 13 goals in 15 Bundesliga appearances this season, with 98 goals coming in his 143 German top flight games to date as a Dortmund player.
That is an issue that has also arisen between Mkhitaryan and Arsenal.
'I told [Aubameyang] what he should have done and what was important for us to know about. "We have to be very clear about that".
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Mkhitaryan and Aubameyang formed a formidable partnership at Dortmund - scoring a combined 62 goals in 2015-16 - and Arsenal would love to reunite them at the Emirates.
Bookmakers make Arsenal odds on to be Aubameyang's next club, should he move on with Coral pricing him at 4/6. A partnership with Aubameyang could prove to be productive.
Aubameyang hasn't played in the Europa League yet this season but because Dortmund have dropped down into the tournament as a result of finishing third in their Champions League group, he is now considered a Europa League player.
Both Dortmund and Arsenal are someway apart from their valuation with the Premier League club willing to pay £53million while the former want closer to £60m.
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According to the Metro , Arsenal are decided to make Pierre-Emerick Aubameyang their next signing in case Alexis leaves the team. Sanchez looked frustrated on the pitch, playing alongside players which are not of his quality.