Aubameyang looks set to leave the Emirates after this season, when he would have one year left on his contract.
The Gabon striker has so far failed to agree new terms with the Gunners.
Arsenal chiefs are keen to avoid a repeat of last summer, when Aaron Ramsey left the Emirates as a free agent to join Juventus.
So there is the option of offloading Aubameyang, to ensure they get a fee for the player.
Then they will turn their attention to Osimhen, who has scored 13 goals in 25 Ligue 1 starts this season.