Ongoing speculation suggested the talented 27-year-old forward would make a big-money move away from Signal Iduna Park following an incredible season with Dortmund.
Aubameyang netted 25 goals last term to finish the season behind Bayern Munich striker Robert Lewandowski (31) as the league's top scorer, and was named Bundesliga Player of the Year.
The Gabon international, who joined BVB from Saint-Etienne in 2013, says his goal this term is to help Thomas Tuchel's side challenge Bayern for league honours.
He told journalists at a press conference: "I will definitely stay at BVB and I would like to no longer respond to this question. We hope that we can annoy Bayern."
Aubameyang has also played a big part in helping new signing Ousmane Dembele adapt to life at the club.
"He [Aubameyang] is very important for me, we share a room and he translates for me," Dembele said.
"I have been very well received and I would like to establish myself as an integral part of the team. I like to dribble, but I must still improve in many ways."