The £40million-rated striker could leave Borussia Dortmund at the end of the season.
Aubameyang has often spoken of his desire to join Real Madrid due to his grandfather's wishes.
But according to The Guardian, the Reds believe the 27-year-old can be lured to Anfield.
A reunion with former boss Jurgen Klopp would be Liverpool's appeal to the Gabon international, who was signed by the German at Dortmund.
Liverpool are set to try and fund a move for Pierre-Emerick Aubameyang by selling Daniel Sturridge
Liverpool feel they have a strong chance of landing the Bundesliga star
Pep Guardiola is also keen on bringing Aubameyang to the Premier League at City.
The Manchester outfit were close to signing the prolific hitman last summer, and with Sergio Aguero admitting his future is in doubt, City will reignite their pursuit of Aubameyang.
While Liverpool feel they have a strong chance of landing the Bundesliga star, the club must fund his transfer.
And it is said the Reds will try to move on Daniel Sturridge in the summer to free up space and funds.
Pep Guardiola would like to bring Pierre-Emerick Aubameyang to Manchester City
10 facts about Pierre-Emerick Aubameyang
Tue, February 16, 2016
Express Sport brings you 10 facts about Premier League target Pierre-Emerick Aubameyang
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Express Sport brings you everything you need to know about Pierre-Emerick Aubameyang
West Ham are apparently the most likely destination for the England international, who has fallen out of favour somewhat on Merseyside.
A move back down to London, having spent time at Chelsea, could appeal to Sturridge, with game time hard to come by at Liverpool.
Slaven Bilic did not sign a striker in the January transfer window and will want to land a top-quality goalscorer at the London Stadium.