The former Gunners winger has been placed in temporary charge following the sacking of Unai Emery and drew his first match 2-2 at Norwich City on Sunday.
Aubameyang scored twice to rescue Arsenal at Carrow Road, but the Gunners’ winless run now spans eight matches in all competitions.
However, Aubameyang is confident Ljungberg – who won five major honours with Arsenal during his playing days – can lift the club while they search for a new head coach.
“He can give us something special,” the Gabon international said. “If I’m not wrong he was part of the Invincibles.
“His career speaks for itself. We will try to follow him and give the best for him. Everybody is respectful of Freddie. He played for Arsenal, he knows as a player how we feel.
“It’s interesting to have him. We had only one session with him, maybe two for those guys who didn’t play on Thursday. We will see this week what is going to happen.
“For me personally I think it’s good for us. He played for Arsenal and he has this in his heart.”
Norwich wasted several chances to inflict further misery on Arsenal, who are eighth in the Premier League and seven points adrift of a Champions League qualification spot.
While acknowledging that improvements must be made following his side’s latest disappointing result, Aubameyang insisted there is not an issue with team spirit.
“We have positive things to take,” he said. “We didn’t play bad, we played good.
“We have to maybe be cleverer in the transition, maybe make some fouls. That’s part of the game to not concede goals.
“I think the mood is always good. We try to find more confidence in winning games. We try our best.
“We know it was something special because Unai Emery was sacked. Now we have Freddie and we’re all focused on one thing, to get back to winning ways.
“We did not play a perfect game but we did a good job and we’ll try to win the next one.”