The 23-year-old Gabon international has attracted interest from the Magpies after scoring eight goals in Ligue 1 this season and Aubameyang fuelled speculation about his future by declaring his desire to leave in the summer.
Newcastle have already raided French clubs to sign Mapou Yanga-Mbiwa, Yoan Gouffran, Massadio Haidara and Moussa Sissoko in January, but St Etienne insist Aubameyang will not leave this month.
A club statement suggested that Newcastle were not the only side hunting Aubameyang's signature.
It read: "Following the rumours that have appeared in the media linking Pierre-Emerick Aubameyang with a move to Newcastle, AS Saint-Etienne wish to make clear that the player, his agent and the club have collectively agreed to refuse all offers made thus far."
Aubameyang, has helped his team reach the final of the League Cup, where they will face Rennes at the Stade de France in April.