Ings finished one goal behind eventual Premier League Golden Boot winner Jamie Vardy, netting 22 for the season.
The Gunners skipper has entered the final 12 months of his contract and could be sold this summer if he does not put pen to paper on a new deal.
That would leave Arsenal with a huge hole to fill in their forward line and Keown believes Ings should be considered as a target.
“He’s got an art of scoring goals, he presses really well, he’s hard-working, can slot in. There will be a lot of clubs who would be interested if he became available,” the former Gunners defender told TalkSport.
“Where would he go if he were going to one of the top clubs? We look at Jamie Vardy, who nearly went to Arsenal a few years ago and is still doing it now into his 30’s, banging goals in with his pace.
“Would Arsenal be a club if Aubameyang left? I don’t want to speculate but I’m pretty certain that if you’ve got 20 goals to your name, then everybody is interested in you if suddenly you need a striker.
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“There’s no doubt the top clubs will be really interested in what he does and he continues to get better and develop, he’s still young enough to develop.
“If Aubameyang is gone, you need goals, you’ve got to have players in the team who give you belief to win game and Ings is one of those.
“I don’t think I’d be turning him away. I’d definitely be looking at him as a player who Arsenal would be interested in.”
football.london understands Arsenal are set to make a formal contract offer to Aubameyang imminently, with the striker reportedly demanding a three-year deal worth £250,000-a-week.