Aubameyang’s struggles since he signed a new long-term contract at the Emirates have been well documented, with the Gabon forward scoring just four goals so far this season.
Smith does not believe Aubameyang has lost his drive since signing a new deal, however, and says his poor form is a result of the wider issues at Arsenal.
Mikel Arteta’s side made a promising start to the 2020-21 season but have lost five of their last eight Premier League matches to slip to 14th in the table.
The Gunners have scored just ten goals in their ten league fixtures and Smith says Lacazette, Pepe and Willian are struggling as much as Aubameyang.
He told Sky Sports: ‘Alexandre Lacazette has been suffering, Willian hasn’t reproduced his Chelsea form, Nicolas Pepe is hot and cold. It has been a combination of things.
‘Aubameyang and Lacazette are great pals off the pitch. He’s looked laboured, almost looked not fit enough, but I’ve been through a spell like that, and when confidence is low you can’t run like you do when you’re playing well.
‘And when you’re not scoring goals it does have an effect on your physical output. He’s looked a shadow of the player that he was a couple of seasons ago.
‘That’s another problem, because Eddie Nketiah is a young boy with a great nose for goal, but he’s not ready to be leading the line week in, week out.
‘It will be handy when they get Gabriel Martinelli back, as he showed great signs before his injury, and he can play in a couple of positions.
‘If Lacazette can get going again, that can help Aubameyang. If he’s on form, you can make runs off him with more commitment, knowing that he’s going to hold it up and find you.’
‘He has great confidence in his ability. But you can see he has been affected by his overall game. He’s been lacklustre.
‘In an effort to try and change things, they’ve put him through the middle. I don’t think he’s necessarily always suited to playing through the middle; when the team is functioning properly, and he’s coming in from the left, he can find space easier from that position.
‘But I can see why they’d try through the middle, because they’re trying everything at the moment.
‘Some people point to him signing his new bumper contract and his form falling off the edge of a cliff, but I’d be reluctant to say that has been an influence.
‘He does strike me as someone who lives for goals, but I’d be surprised if he’s eased off because he’s signed his new contract.
‘His form is a symptom of Arsenal’s lack of form going forward. Mikel Arteta had to change the way they played, he had to make them more robust, harder to play against, more solid at the back.’