Arsenal have been linked with a move for Barca forward Dembele, who cost the Catalan club £142million a year ago but struggled for regular starts in his maiden year.
Dembele’s chances of regular minutes have been further hampered by the addition of Malcom from Bordeaux.
With Unai Emery reportedly hunting for a winger, the Frenchman has been touted with an Emirates Stadium switch.
And the transfer mill went into overdrive last week when Dembele was pictured alongside ex-Borussia Dortmund team-mate Aubameyang and Alexander Lacazette, Matteo Guendouzi and Henrikh Mkhitaryan in London.
Ousmane Dembele has been linked with Arsenal this summer
Ousmane Dembele only joined Barca a year ago
But former England defender Keown believes that given the huge fee Dembele would command, there is little chance of the 21-year-old joining before Thursday’s window deadline (5pm).
Yet the player-turned-pundit doesn’t see that as particularly negative news, tipping Aubameyang to be a key man for Emery’s charges.
“I don’t know, maybe it’s good for the fans,” Keown told the Daily Star.
“I don’t see it happening. It seems like it’s an absolute fortune for the player, it doesn’t look likely.
Martin Keown is anticipating big things from Pierre-Emerick Aubameyang this season
Martin Keown spent 11 years as a player at Arsenal, winning 10 trophies
“But maybe the Arsenal fans are hoping for that sort of marquee signing. I think that work was done last year with Aubameyang.
“Aubameyang is going to be a player that I think could really tear up the Premier League this season so we’ll have to wait and see how that happens.
“It’s great because in a week’s time all the talking stops and we’ll see who’s the best.
“I think Arsenal will be well prepared because the manager’s had longer to work with his players than everybody else who’s been back to pre-season training.
“You look at the number of players that still aren’t back properly, Arsenal have had that advantage that the core of the players have been back now for four to five weeks.”
Arsenal have made five signings this summer, bringing in Stephan Lichtsteiner, Bernd Leno, Sokratis Papastathopoulos, Lucas Torreira and Guendouzi.
The north London club aren’t likely to bring in any more fresh faces this week although will conduct some outgoing business.
Out-of-favour forward Lucas Perez looks set to join West Ham while Calum Chambers is in line to move to newly-promoted Fulham on loan.
Emery said at the weekend: “Maybe we need some players to leave because we have lots in the squad, but at the moment, my one focus is on our work.”