The Gabonese striker, 28, was spotted arriving at Arsenal’s training ground on Tuesday after getting a private jet to Luton Airport earlier in the day.
He is expected to have completed a medical and agreed personal terms and should be unveiled before tonight’s 11pm deadline.
The move will cost around £55million, with Aubameyang getting £180,000-a-week in salary.
Aubameyang already has a great relationship with another January signing Henrikh Mkhitaryan, who combined at Borussia Dortmund to devastating effect just two seasons ago.
Wenger added: “They played together, they know each other, so the old reflexes will certainly come back very quickly and they can contribute to offensive efficiency.”
Dortmund are still seeking a replacement and have been linked with Chelsea striker Michy Batshuayi and Arsenal’s Olivier Giroud.
The French striker, who is also wanted by Chelsea, would prefer to stay in London but the Blues are trying to negotiate a lesser fee than the £20m that has been discussed.
Giroud, who has 105 Arsenal goals, was seen waving goodbye to Arsenal fans in the 3-1 defeat at Swansea.
Wenger was furious with his team after the shocking loss at the Liberty Stadium, lamenting “unusual and massive mistakes”.
Goalkeeper Petr Cech gifted a goal to Jordan Ayew with a spectacular howler.