Club captain Aubameyang signed a lucrative new three-year contract last year but has struggled for form this season and was dropped for last month's north London derby after arriving late.
The Gabon international, 31, has scored just nine goals in 25 Premier League appearances this season compared with 22 goals last term.
His situation at the Emirates has been compared with that of Ozil, who under-performed despite being on huge wages before eventually being exiled by Arteta.
The Arsenal boss, though, said he did not see the merits of comparing the two cases.
"I'm always positive about the future but once you think about things that happen in the past or compare different situations and personalities, I won't do that," he said.