The Gabon frontman hasn't played for Arsenal since December and has been stripped of the captaincy due to his disciplinary breaches.
The Gunners are open to offers for the 32-year-old in the January transfer window, although he has reportedly rejected an offer to join Al Hilal, preferring a move to a European club.
Meanwhile, the north London club are reportedly looking for a replacement for Aubameyang in this window, with the likes of Dusan Vlahovic, Dominic Calvert-Lewin, and Alexander Isak all linked with a move to the Emirates Stadium.
So far, however, these attempts have been unsuccessful and Agbonlahor believes, if they fail in their attempts to sign a striker, they need to 'stop being stubborn' and bring Aubameyang back into the first-team setup.
Speaking on the talkSPORT Breakfast, the former Aston Villa striker said: "When Aubameyang was banished, they were scoring, weren't they? So, Arsenal fans didn't really question it.
"Now they're not scoring. [Alexandre] Lacazette isn't scoring. [Eddie] Nketiah isn't scoring. It's time to bring him back.
"If they don't bring in another striker with five days left of the transfer window, they need to bring Aubameyang back in because he could be the difference to get them into the top-four and Champions League football.
"You can't just have him sitting there on his own training if there are no goals coming from Lacazette or Nketiah.
"It doesn't make sense - stop being stubborn and bring him back in."