Arsenal is hoping to land the star forward from Borussia Dortmund this winter but will need to up its offer.
Borussia Dortmund has rejected a second bid from Arsenal for striker Pierre-Emerick Aubameyang.
Arsenal have been tracking the striker for much of the window as they search for a replacement for Alexis Sanchez following the Chilean's move to Manchester United, with Dortmund themselves admitting the London club's interest in Aubameyang.
The BBC reported on Wednesday that a second Arsenal bid for Aubameyang - believed to be worth £43.64m - was immediately turned down by the Bundesliga side.
The report goes onto claim that Dortmund will only be willing to sell the Gabonese striker for a fee in excess of £50m, and states that it was a cash only offer despite rumours that Olivier Giroud could have been used as a make weight in the deal.
The deal would break Arsenal's record transfer fee, which is currently the £45m they paid to Lyon for striker Alexandre Lacazette in the summer.
Aubameyang has endured a controversial season so far at Dortmund, having been dropped from the side on three occasions for disciplinary reasons, and was absent from Dortmund's 1-1 draw at home to Hertha Berlin on Friday night.
While on the pitch however, Aubameyang has maintained his impressive goal-scoring form, having found the net on 21 occasions in 23 appearances across all competitions this season.