Former Chelsea striker Craig Burley thinks the Blues will have to break the bank to sign a star striker from a rival club.
Aubameyang only has a year left on his Gunners deal.
If he does not renew, the club will try to sell him this summer to avoid losing him on a free transfer next summer.
Burley told ESPN: "Look is Aubameyang one of the hottest strikers around? Absolutely. His goalscoring stats, even beyond the last two years, but certainly the last couple of seasons, at Arsenal, he's produced the goods.
"But he is going to be 31 soon and you know Chelsea have been in the process of bringing in younger players. Clearly they need a striker, someone to come in with more experience and more quality than Tammy Abraham who has done a very good job.
"Clearly they are in the market for a striker. Are they in the market to shell out for a 31-year-old who they probably will get a couple of years out of? Potentially they are but only for the right price. We know Arsenal are not desperate to let him go unless they get a bumper deal.
"There is a lot of bluff and also the fact that Arsenal are trying to sell the fact that they are going to be much better next year they may still get in the Champions League as an outside bet.