Aubameyang was handed the captain's armband in a bid to keep him committed, but the Gunners currently sit in 12th place.
Arsenal head coach, Mikel Arteta, is set to lose Pierre-Emerick Aubameyang, with the striker desperate to play in the Champions League again, the UK Telegraph reports.
A summer exit is looking likely for the 30-year-old, who joined from Borussia Dortmund for £56million in January 2018.
Aubameyang was handed the captain’s armband in a bid to keep him committed, but the Gunners currently sit in 12th place.
Arsenal are also 11 points off Champions League places.
Aubameyang has 18 months remaining on his contract with the Gunners, but will not leave in the January window.
There is still hope Arsenal can qualify for club football’s elite competition via the Europa League, with a round of 32 tie against Olympiacos to take place in February.