The Gunners had two bids for the 28-year-old rejected by Dortmund before agreeing a fee that eclipses the £46.5m July purchase of Alexandre Lacazette.
Dortmund would only sell after finding a replacement, with Chelsea forward Michy Batshuayi to join on loan.
Aubameyang scored 141 goals in 213 games for Dortmund since 2013, including 21 in 24 matches this season.
Source: BBC Sport
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