The 37-year-old joins from Olympique Marseille after an impressive campaign in which he scored 14 goals and provided 10 assists across all competitions.
Aubameyang arrives with a wealth of experience, having starred for Borussia Dortmund, Arsenal, Barcelona and Chelsea during a distinguished career.
He scored 141 goals in 213 appearances for Dortmund and netted 92 times in 163 matches for Arsenal, while also enjoying a productive spell at Barcelona.
The Gabon international has consistently delivered at the highest level across Europe's top leagues and continental competitions.
Deportivo believe his experience will play a key role as the club aims to establish itself back in LaLiga.