Paris Saint-Germain were understood to be on the verge of completing a £70m deal for the Borussia Dortmund striker, who is widely expected to leave the Westfalenstadion when the transfer window reopens.
However Bild reports that PSG boss Unai Emery has decided against pursuing Aubameyang in favour of going after other transfer targets.
Emery is thought to regard signing a new midfielder as his main priority due to the expected departure of Marco Verratti and believes that Ligue 1 top-scorer Edinson Cavani provides the team with enough firepower.
The Ligue 1 runners-up have been linked with Jean Michael Seri and Kylian Mbappe this summer and would not be able to afford Aubameyang on top of that, opening the door for renewed interest from the Premier League.
The likes of Liverpool , Manchester City , Manchester United and Arsenal have all been linked with the 27-year-old, who topped the Bundesliga goalscoring charts with 31 last season.
However, the Premier League quartet could face competition from Chinese side Tianjin Quanjian, who have reportedly offered the Gabon international record wages of almost £35m per year, or £672,000 a week.
Aubameyang scored 40 goals and registered five assists in 46 appearances for Dortmund last season, helping them to the DFB-Pokal title.