Newcastle United have already contacted Arsenal about Aubameyang's transfer, hoping to sign him on loan with a buyout clause.
The Mirror reported that Newcastle had tested Arsenal's rhetoric over Oba's potential loan contract.
They hope to sign Aubameyang on loan first, but include a £20m selective buyout clause in the contract.
The Mirror said it looked unlikely that Oba could play for Arsenal anymore.
Newcastle hopes to increase the squad by bringing in reinforcements in the winter window, thereby increasing the chances of relegation, and then considering the squad's long-term upgrade plan in the summer window.
Although the new boss has promised a lot of money, Newcastle is currently facing a real risk of relegation.
They are currently only one point higher than Norwich at the bottom of the table, and many of the teams ahead of them have a fewer matches. Halfway through the season, they do need some help.
Aubameyang will bring goals and he may also be looking forward to a fresh start. Of course, joining a weak team like Newcastle is somewhat "condescending" for him, and it doesn't seem as glamorous as a transfer to an overseas league.
This is not the perfect solution, especially if Newcastle remains deep in the relegation zone after Oba joins. If the Magpies are relegated, he certainly doesn't want to make a permanent transfer and can only return to the original point again.
On the positive side, Newcastle is one of the few clubs that can afford Oba's salary and Arsenal's offer. The only question is whether such conditions are sufficient.
With Aubameyang approaching his departure, Arsenal are scouting multiple goalscorers in search of a replacement for him.
After being stripped of the captain's armband and ruling out the tournament squad, there has been a lot of speculation around Aubameyang's future.
ESPN reported that Arteta has a list of top scorers to replace the former captain, with Isaac, Vlahovich, Lewin and Watkins all on the list.
Most of those players have been associated with Arsenal in the past year, but Watkins could be an exception.
ESPN said Arteta admired Villa's style of play and Arsenal were watching him consider the possibility of a summer window. However, there was no contact between Arsenal and Villa, and the winter window turnaround was described as "highly unlikely".
The Gunners are well aware of the high cost of signing any of these players, so they are also considering other candidates.
If Oba leaves before this summer window, Arsenal could end the goalscorer's farce.