But the former Reds midfielder believes the signing of Southampton defender Virgil van Dijk is the more urgent priority for Jurgen Klopp.
Express Sport understands Liverpool are ready to launch a bid for Aubameyang, who is poised to leave Dortmund when the transfer window reopens next month.
Klopp also hopes to sign a goalkeeper in January while Van Dijk remains on his wanted list.
A move for the Holland international sensationally collapsed in the summer after Southampton accused Liverpool of tapping him up.
Murphy reckons Aubameyang would “make a difference” in attack but believes Van Dijk is needed to sort out the defence.
“I haven’t seen [Aubameyang] much this season, but he is a super player,” told www.AskFans.co.uk. “He’s quick and he knows where the net is.
“What you have to think of if your buying someone of that quality and investing in that type of player, he’s got to play.
“So then what do you do with Firmino who, for me, has been brilliant. I know he hasn’t been a 20-goals per season man and you need one if you are going to win the Premier League.
“Kane, Vardy, Lukaku, Zlatan – whoever it may be, you’ve got to have one. Arsenal have been crying out for a 20-goals per season man. They have Sanchez, but he’s been playing off the wing.
“So, if they get him, there must be a plan for Firmino as well. Does he take the Coutinho role if he goes?
“If you spend a load of money on a top, top striker, which Aubameyang is, he’s going to play so you have to think about the dynamics. You can’t have lots of players annoyed. But, Jurgen Klopp is a clever guy and he knows him well.
“I’d like to see it happen, because I think he would be 20-goals per season. He will make a difference, but it’s not the big problem area. Go and get Van Dijk – sort that out first.”