The Gabon international has been frozen out of the squad since being stripped of the captaincy last month and may have played his final game in red and white.
However, The Athletic now claims that Barca and Juve have stepped up their pursuits of the 32-year-old and have submitted official approaches to Arsenal for loan deals until the end of the season.
The report adds that Arsenal are yet to respond to either proposal, but Aubameyang's next destination could depend on where Alvaro Morata ends up following Monday's deadline.
A move to Juve would be more likely if Barcelona-linked Morata heads to Camp Nou, whereas Aubameyang could make the switch to Xavi's side if Morata remains in Turin.
Aubameyang has just four goals to his name from 14 Premier League games this season and was left out of the travelling party for Arsenal's mid-season trip to Dubai.