The striker will sign a three-year deal at the Emirates after making it clear he wanted to leave Borussia Dortmund in a £56m deal.
Aubameyang leaves Germany under a cloud following a string of disciplinary issues in the Bundesliga.
BVB sporting director Michael Zorc explains: “Apart from the unpleasant events of recent weeks, we like to remember that the story of Pierre-Emerick Aubameyang at BVB for more than four years was a single success story.
“He has done great things for Borussia Dortmund at this time, scored many important goals and is part of the team that brought the DFB Cup to Dortmund in 2017. We wish Pierre-Emerick all the best for his future at Arsenal."
He completed a medical this morning and agreed personal terms with the club with his wages set to be worth £180,000-a-week.