The Gunners striker was recently stripped of the captaincy after his latest disciplinary breach and hasn't played for the club since December 6.
Aged 32, on £250,000-a-week and out of form this season, Arsenal may be tempted to shift Aubameyang rather than bring him back into the first-team setup.
It was reported by CBS that Al Nasr have offered to take the Gabon international on loan for the rest of the campaign, with an obligation to buy for around £6.5million this summer.
Meanwhile, talkSPORT understands Ali Hilal are also interested in signing Aubameyang too.
It is understood the Gunners are yet to respond and it remains unclear whether Aubameyang would be open to the move.
Meanwhile, the striker recently returned from the Africa Cup of Nations without playing a match for Gabon due to health issues.
Aubameyang tested positive for COVID-19 and was then sent back to Arsenal because of 'heart lesions'.
The Gunners are conducting medical tests on their former skipper and Mikel Arteta provided an update on Wednesday.
Arteta said: "He is in London and now he is going through some examinations, because we haven't had any clarity from the Gabon national team about the reasons why he came back.
"So obviously it is our obligation to make sure that medically the player is safe, he is in good condition and [there are] not any issues related to that - and to try to avoid any suggestion that is the case.
"So far historically everything we have done with the player, he has never had an issue. Hopefully that is the case."