Arsenal's board have accepted captain Pierre-Emerick Aubameyang will not sign a new contract.

The Sun says head of football Raul Sanllehi and technical director Edu want their £56million top-scorer to commit his long-term future to the club.

But they do not believe a deal can be made until they know if Arsenal will be in Europe next season.

And with the current campaign set to run deep into the summer, they risk Aubameyang having just months of his contract to run when they finally get down to serious talks.

They then face the prospect of losing their captain for nothing next year because Aubameyang, 30, is reluctant to extend his stay unless he can compete in Europe.

Barcelona, Manchester United and Paris Saint-Germain are all keeping tabs on the situation.

The interested trio believe Aubameyang can be prised away for £35m this summer.