Aubameyang is one of the best strikers in Europe and has been linked with moves away from German club Dortmund this summer.
Liverpool legend Nicol, though, does not believe that his former club will be able to secure the services of the ex-Saint-Etienne star.
“If Aubameyang goes to Liverpool, I will be absolutely delighted," Nicol told ESPN FC. "But it's not happening.
"Why would Aubameyang pick Liverpool over any other team? I would love to see it happen, but I don't believe it's going to happen."
Aubameyang is a world-class striker, and signing him in the summer would be a huge coup for Liverpool.
The 28-year-old enjoyed a successful 2016-17 campaign for Dortmund on a personal level last season.
The striker scored 31 goals and provided two assists in 32 Bundesliga matches and scored seven goals and one assist in nine Champions League games for Dortmund during the 2016-17 campaign, according to WhoScored.