The 28-year-old had been heavily linked with a move to either Chelsea or AC Milan, however, as we reported earlier, they are both still targeting Real Madrid striker Alvaro Morata.
The Gabonese front man scored 31 goals in 32 Bundesliga games last season, nipping in ahead of Bayern's Robert Lewandowski for the Golden Boot, much to the Pole's displeasure, and it now seems that he will be pulling on the yellow and gold for at least one more year.
Dortmund's sporting director Michael Zorc said on Tuesday that "We consider the transfer window closed. The timing [of it all] was decisive in the end".
Both Chelsea and AC Milan are keen on a striker this summer, with the former looking to replace Diego Costa and the latter looking for one final big-money move to cap off a successful summer of shopping.
Aubameyang, ironically lined up against his Italian suitors in a friendly on Tuesday, scoring twice, leading to Dortmund boss Peter Bosz describing him as "fantastic."
It seems that Chelsea and AC will have to look elsewhere for a striker.