The English newspaper claims that Ivan Gazidis, Sven Mislinstat and contract negotiator Huss Fahmy have arrived in Germany for face-to-face negotiations with the disillusioned star in an attempt to speed up the process with only 10 days remaining in the transfer window.
Dortmund had rejected the 'Gunners' first bid of £44m but it appears that Gazidis is prepared to raise that offer to £53m to secure Aubameyang's services.
However, the German club will reportedly only accept the deal if Olivier Giroud is included as a "potential makeweight" as they look to find a replacement for the Gabon international.
The 28-year-old has fallen out of favour at the Westfalenstadion following numerous disciplinary incidents which resulted in the forward being suspended from the first-team on more than one occasion.
Aubameyang has a prolific record in Germany, scoring 141 goals in 212 appearances. It is this clinical finishing that has attracted Arsene Wenger to the Gabonese forward with the departure of their striker Alexis Sanchez to Manchester United set to be announced imminently.