Arsenal are reportedly set to splash the cash in order to keep their African superstar at the club.
The Gunners beat Chelsea 2-1 to claim the FA Cup trophy on Saturday, which came as a huge boost after a dismal Premier League season that saw them finish in eighth place.
Although it was a difficult campaign on a whole, there was one shining light in Mikel Arteta's side, and that was Gabon international Pierre-Emerick Aubameyang.
The forward scored twice to bring the Gunners back from a goal down against the Blues at Wembley, while he was also instrumental in their success over Manchester City in the semi-finals of the domestic competition.
Aubameyang was also the joint-second highest goalscorer in the 2019/20 EPL season with 22 goals, level with Southampton's Danny Ings and just a goal behind Golden Boot winner, Jamie Vardy.
The Daily Star has now reported that Arsenal owner Stan Kroenke has sanctioned a deal that will see Aubameyang's wages go up by about £50 000 (R1.1 million) a week.
It is claimed the Gunners want to offer the former Borussia Dortmund attacker a new three-year deal this week, one that would see him earn £250 000 (R5.6 million) every seven days.
This would make him the second highest-paid player on the squad, behind Mesut Ozil.
Click through the mini-gallery below to see Arsenal's highest-paid players currently: