The Spaniard has left French champions PSG after two trophy-laden years at the Ligue 1 outfit, recently being replaced by Thomas Tuchel.
Emery enjoyed success at the European giants, winning six competitions during his relatively short time at the Parc des Princes.
His recent dismissal has alerted Arsenal chiefs, who had previously looked set to appoint former captain Arteta over the weekend.
The Daily Mail claim the 36-year-old remains in the running for the Gunners role.
However, there is now a possibility Arteta could be brought in as Emery’s No 2.
The Manchester City assistant is the clear favourite for the job, despite his lack of experience in the dugout.
Emery, on the other hand, boasts an impressive CV from his time around Europe.
While Sevilla boss, the 46-year-old led the Spanish side to three consecutive Europa League titles on a relatively small budget.
And the Daily Mail claim Emery’s work at the modest La Liga side is the main reason he is being considered for the Arsenal role.
Meanwhile, Thierry Henry has also been touted as Arsene Wenger’s replacement this summer.
But fellow countryman Patrick Vieira appears to be out of the running after reports emerged of the former midfielder agreeing a deal with Ligue 1 side Nice.