The Gunners manager is keen to splash the cash to bolster his squad.
Arsenal had a fairly quiet January transfer window, with one deal going through as Denis Suarez joined from Barcelona on loan.
Emery could only agree loan deals due to Arsenal’s lack of cash.
And according to the Daily Mail, the Gunners boss wants three players this summer, with a new left-back at the top of his wishlist.
However, Arsenal’s transfer budget will be just £45million this summer.
The Gunners were dominated at Manchester City on Sunday afternoon as Pep Guardiola’s men ran out 3-1 victors.
The defeat proved how far behind the Premier League champions Arsenal really are.
The Mail add that selling players like Mesut Ozil could free up money to spend in the summer transfer window.
Ozil’s £350,000-a-week is hindering the club considering his minor contribution to the team.
Arsenal are also expected to sell numerous squad players at the end of the season to free up some cash.
Aaron Ramsey and Danny Welbeck are likely to leave on free transfers, while Petr Cech will retire this summer.
Emery has been vocal on Arsenal’s new man Suarez in recent days.
The Gunners boss insists the Barcelona loanee is ready for the challenge of the Premier League.
He said: “I think he is good, he adapts quickly and he is a player with quality.
“He can help us with his quality but also his ambition to do something important here.
“It’s a good challenge for him to help us.”
Arsenal are back in action on Saturday afternoon at Huddersfield in the Premier League.