The ex-Borussia Dortmund man was left out of the squad to face Southampton and will no longer don the armband for Mikel Arteta's side.
Gunners fans will understandably be awaiting news on who will succeed Aubameyang as Arsenal captain, with several candidates in line to take the role.
Here, Sports Mole looks at who could replace Aubameyang as Arsenal skipper.
Alexandre Lacazette has sported the Arsenal armband in the past and did so again on Saturday against Southampton, with the Frenchman leading from the front against the Saints with a peach of an opening goal.
One of the more senior players in the squad at 30 years of age, Lacazette is no stranger to leading the team out onto the field and will expect to be handed more opportunities in the final third amid his teammate's disciplinary problems.
However, with Lacazette still widely expected to depart when his contract expires in 2022, Arteta may be reluctant to hand the striker the armband for six months before making another key captaincy decision in the summer.
Gooners immediately started calling for Kieran Tierney to be handed the captaincy when the Aubameyang news broke, and it is easy to understand why.
One of Arsenal's most dependable performers since his arrival two years ago, Tierney has won his place back from Nuno Tavares in the side, and the left-back's crossing, pace and mentality all go down a treat with the Gunners fanbase.
It is sometimes hard to forget that Tierney is still only 24 years of age, but he already demonstrates the qualities of a natural leader and would certainly be a popular choice for the armband.
Not one Arsenal fan will be forgetting Granit Xhaka's foul-mouthed outburst against Crystal Palace back in 2019, which ultimately saw Aubameyang handed the armband as the Switzerland midfielder was stripped of the captaincy.
Xhaka has since won over Mikel Arteta and some - but not all - of the Emirates fanbase, and the Arsenal boss certainly values the midfielder's loyalty to the club after he penned a new deal until 2024 earlier this summer.
The 29-year-old still dons the captain's armband for Switzerland, but reinstating him as the club's skipper would certainly be a controversial move while he remains in the bad books of some Gooners.
Martin Odegaard is enjoying his most productive spell yet in an Arsenal shirt, netting in three consecutive Premier League games against Manchester United, Everton and Southampton.
The former Real Madrid man was made Norway's captain earlier this year, and rumours have claimed that he is the favourite to take over from Aubameyang as Arsenal's new skipper.
Despite only being 22 years of age, Odegaard would not have been handed the Norway captaincy lightly, and the playmaker is unlikely to be burdened by a second armband while he continues to thrive in North London.
Many Arsenal fans will hold their hands up and admit that they were wrong about Aaron Ramsdale, who has already become a fan favourite at the Emirates since his arrival from Sheffield United.
The 23-year-old's distribution, commanding presence, quick reflexes and agility have all helped him record seven clean sheets from 13 games this term, and his leadership qualities are there for all to see.
Ramsdale may have made an unforeseen positive impression in North London over the past few months, but he is still very new to the Emirates, and Arteta might be hesitant to hand him the captain's responsibility so early on in his Arsenal career.
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