Arsenal have increased their offer for Borussia Dortmund striker Pierre-Emerick Aubameyang to £50.9million.

Talks are ongoing between club representatives with Arsenal's Olivier Giroud also part of negotiations.

All parties want the respective moves, including Giroud to Dortmund, but must still agree the final fees.

Arsenal have improved a bid to £50.9m for Borussia Dortmund's Pierre-Emerick Aubameyang

The Gunners have already seen a £43million offer turned down by the Bundesliga side but have now returned with a bid much closer to Dortmund's valuation of £53m.

Should Arsenal meet Dortmund's demands it would smash their existing transfer record set last summer with the signing of Alexandre Lacazette from Lyon.

Arsenal remain confident of sealing a deal this month - but Dortmund's stance is proving problematic at this stage.

Conveniently, their first-choice target to fill the void that would be left by Aubameyang is Giroud.

They have informed the Gunners they will not sell Aubameyang unless they can find a replacement first.

Giroud has fallen down the pecking order under Arsene Wenger and is keen to seal a move this month in order to improve his chances of making the World Cup in Russia.