Aubameyang will enter the final 12 months of his contract in the summer and Arsenal could lose him on a free if they don’t sell him this summer.
The 30-year-old hasn’t committed to a new deal with the Gunners and the north London club could look to cash in on the striker in the upcoming transfer window.
The Gabon international’s position is being monitored by several top clubs across Europe, however, Inter Milan could tempt Arsenal with their offer.
According to Italian publication Tuttosport, via CalcioMercato, Inter are ready to offer striker Mauro Icardi in a swap deal for Aubameyang.
The report claims Inter chief Giuseppe Marotta is prepared to sanction the offer if Icardi returns to the San Siro at the end of the season.
Currently the 27-year-old is on a season-long loan spell at Paris Saint-Germain.
The Argentine has been in fine form for the Ligue 1 champions, having scored 20 goals in 31 appearances in all competitions.
PSG do have the option to make the move permanent if they are willing to pay £61million (€70m), however, there are doubts if they are willing to do so in the current market.
The report claims Inter have made RB Leipzig striker Timo Werner their number one transfer target, however, the German appears set on a move to the Premier League, with Liverpool in pole position to sign him, with Chelsea and Manchester United also interested.
This could see Inter move onto their other transfer target, Aubameyang.
Icardi’s contract with Inter expires in 2022. If he is set to return, the Italian club will want to find him a new home after the striker burnt his bridges with the club and its fans last season.
Inter vice-president Javier Zanetti set out the Nerazzurri’s position last month and when asked about the possibility of Icardi returning, he insisted he did not see that as a possibility.
“I don’t know, I don’t think so,” Zanetti told ESPN.
“But right now we’re not talking about the transfer market, the most important thing is health. Then we’ll have time to think about it.”