Aubameyang has less than 18 months left on his current deal and has so far refused to agree fresh terms.
The Gabon striker, 30, became the Gunners’ record signing in 2018, when he signed from Borussia Dortmund for £57m.
Aubameyang has gone on to score 61 times in 97 appearances in all competitions.
Barca tried to sign him in the January window following injury to Luis Suarez, but a move never materialized.
The Catalans will try again in the summer, as their priority remains to bring in a centre forward and Aubameyang is keen to make the move.
Arsenal have all but given up on keeping their captain, especially with the club looking unlikely to qualify for the Champions League.