The Gabon goal machine was weighing up whether to leave the Gunners, with his contract set to expire in 2021.
Instead, the Premier League club won out with Aubameyang penning a long-term extension on Tuesday.
Sky Sports says Barca lodged an offer for the 31-year-old this summer.
Inter also showed an interest before Aubameyang committed his future to the north London club.
The former Borussia Dortmund striker scored 22 goals in the Premier League last season.