Arsenal have already had two bids for the 28-year-old rejected by Dortmund.
It is understood that Dortmund then turned their attentions to Batshuayi, but the Premier League champions "baulked" at the fee for Giroud so instead so went into discussions with Tottenham over a stunning swap deal for Llorente and the Belgian global.
Move over Alexandre Lacazette, because Arsenal have reportedly broken the club transfer fee record again.
The Blues were in talks with Roma to sign Bosnian striker Edin Dzeko before the transfer window shuts.
They explain that Giroud's move to Chelsea could prove crucial to Arsenal getting Aubameyang.
Batshuayi meanwhile is keen to move to Dortmund as he seeks the regular first team football which has eluded him at Chelsea.
Asked by reporters about Chelsea's interest in Giroud, Wenger responded, "I want Olivier to stay".
However, the transfer was dependent on Dortmund finding a replacement before they'd release the Gabon worldwide and talks have been held regarding Giroud moving in the opposite direction.
Arsenal have been on Aubameyag's trail since Alexis Sanchez's move to Manchester United became inevitable and the Gunners' wanted someone with a pedigree to score lots of goals for them.
Despite the Brazil global playing a key role in the Stamford Bridge club's Premier League title triumph last season, he has since fallen out with the club's manager Antonio Conte.
Arsene Wenger may have to be prepared to lose the French striker to a rival in order to secure Aubameyang's move, it says, with the German club pushing for a replacement.