Gabon international Aubameyang has netted eight times in 12 matches to help St Etienne climb to fourth place in Ligue 1.
Villa boss Paul Lambert is said to be tracking the 23-year-old striker, who also impressed for his nation during the London 2012 Olympic Games.
The Birmingham club have struggled in front of goal this season, scoring just 10 times in their opening 11 games.
But St Etienne are adamant Aubameyang is not the man to ease Lambert's attacking concerns, with chairman Bernard Caizzo desperate to retain the services of the tall and pacey frontman.
"For now he is with us," Caizzo told Infosport. "He will stay for at least another couple of years and then we'll see."