The Gabon international, 23, is currently in red hot form and has notched six Ligue 1 goals already this season for Les Verts.
Aubameyang bagged 16 goals last season and was reportedly the subject of a 12million euros bid from a Premier League club on the last day of the summer transfer window.
St Etienne are riding high in fifth place in the French top flight but realistically could not afford to keep turning down bids for the ex-AC Milan forward, who cost Les Verts only £1.5million.
Aubameyang signed a permanent deal with St Etienne in December last year and has a contract at the Stade Geoffroy Guichard until June 2016.
Southampton may have been in the running for him in the summer, but boss Nigel Adkins now has a pressing need to shore up his backline while Liverpool are desperate to add a player with Aubameyang's firepower to their squad.
Brendan Rodgers' has sent his scouts to France to scout for a striker and it is believed they have been most interested in the St Etienne star.
Southampton last week