The Gabon international was this week handed the armband after Granit Xhaka was stripped of the captaincy.
But reports in El Chiringuito suggest he may not be at the Emirates for the long term, with Barca lurking.
Arsenal's ability to qualify for the Champions League this season could prove to be crucial to keeping their star man, with Unai Emery’s side currently in fifth place and six points outside the top four.
But the Spanish champions are understood to be impressed with the striker’s pace and power, and could even make an ambitious move to bring him to the Camp Nou in January.
Barca have expressed interest and while a mid-season move seems unlikely, a big push could be made at the end of the season, when the 30-year-old will need to make a decision on his future.
Aubameyang’s current deal with the Premier League runs until 2021 and he will have just one year left by the time next season starts.
The Spanish club want to bolster their attacking options, with Suarez getting on in age and Antoine Griezmann taking some time to settle since his summer switch from Atletico Madrid.
Arsenal are willing to listen to offers if their 30-year-old front man decides he wants to leave.
Aubameyang has started the season in sparkling form, scoring nine goals in 13 appearances across all competitions.
He has found the net a total of 50 times in 78 Arsenal appearances since arriving from Borussia Dortmund in January 2018.
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