Aubameyang is out of contract at the Emirates Stadium in 2020, which gives the Gunners a serious decision to make about his future.
The Gabonese forward has been in excellent form this season, scoring 17 goals in 26 appearances, and Sagna feels that replacing him would be more costly than offering him a new deal.
“So don’t spend this £150m, just spend £50m and give it to him. It’s the same as van Persie and I think you have to learn from that situation.”
The Gunners have had a poor season in the Premier League and sit ninth in the table at this point, although it remains to be seen whether the current campaign will be completed.
Mikel Arteta has other attacking options at his disposal including Gabriel Martinelli, Alexandre Lacazette, Eddie Nketiah and record signing Nicholas Pepe.