The Gabon international attracted interest from Gunners boss Arsene Wenger after scoring 26 goals for Dortmund last season.
The Premier League club have reportedly seen a £28.7 million bid for Aubameyang knocked back by their Bundesliga counterparts and they are believed to be lining up an improved offer in the hope of acquiring his signature.
But BVB sporting director Michael Zorc claims the north London outfit would be wasting their time, insisting that the 26-year-old will not be leaving Signal Iduna Park for any price.
Zorc told kicker: "We rely heavily on Aubameyang – that is no secret.
"I've heard a lot about this (a transfer to Arsenal) but I can say very clearly that it is blocked for him. He is simply not for sale."