The Daily Star says Barca have a long-running interest in experienced forward Aubameyang.
And Gunners bigwigs have checked in with the La Liga side to see if they would like to take Aubameyang off their books this month.
Barca still have major financial difficulties and need to lighten their squad further before any high-profile signings can be made.
A loan move to relegation-threatened Newcastle is another viable option for Aubameyang with the Toon prepared to pay the bulk of his mammoth £300,000-a-week salary.
Vlahovic, meanwhile, is on manager Mikel Arteta's shortlist as the Spanish chief eyes a world-class alternative.
The Serb now has less than two years left on his current deal with the Florence-based side.
But crucially, Arteta wants a natural target man in his ranks to get the best out of his young attacking-midfield players and views the 6ft 3 Serbian as fitting the bill perfectly.