There had been suggestions that, with Raheem Sterling and Leroy Sane playing so well, the club may not come back in for Sanchez, but with Gabriel Jesus out injured and Sergio Aguero reportedly not totally happy, the move could still materialise.
Aubameyang has scored 13 goals in 15 starts for the German giants but has been recently dropped from the team for showing poor discipline.
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Despite his impressive statistics this season, it has been a hard season for the Gabon worldwide striker.
Earlier this season Aubameyang found himself suspended for "disciplinary reasons" - allegedly turning up late to training sessions - and has since admitted that he could move on to pastures new this month, saying in a recent interview: "In the winter market a lot can happen".
"I have not renewed a contract".
He thinks that the duo are crucial to the side, but that leaving is not something he personally can worry about - and that they need to just give everything when they're on the field, certainly something Mesut Ozil has been doing this season, but sadly the same cannot be said for Alexis Sanchez at times - though the defender stopped short of saying that.