Aubameyang's future has been hovering over the Gunners - with the star striker soon entering the final year of his £200,000-a-week contract.
"It's interesting at Arsenal. We were in the same situation towards the end of my career at Liverpool where we were just missing out on the top four every year," he told the Football Show on Sky Sports.
"It's okay having rules in place where players never leave for free but if I was (Mikel) Arteta I'd be thinking 'have we got more chance of, even if he goes for nothing next year, getting into the top four if Aubameyang stays'?
"There's no doubt he's [Aubameyang] too good for Arsenal, we had that with Suarez.
"You want to keep hold of them because you want to build around them and if he goes then you're starting again.
"It's not easy when you have a player who will always be thereabouts for the Golden Boot. Keeping him gives them a greater chance of getting into the top four."