Emery led PSG to a domestic treble before he was let go by the French club.
The BBC has reported that following a thorough recruitment process, Emery emerged as the unanimous choice.
However, the signs on Monday were that Emery, was set to be chosen.
It comes the day former manager Wenger waved goodbye to the club's training ground, as the speculation continued over his replacement.
His time at PSG, where he won the French title this season, had been less successful, with the club's Qatari owners choosing to replace him with former Borussia Dortmund coach Thomas Tuchel after two disappointing campaigns in the Champions League.
While he had helped them continue their domestic dominance, his departure was assured when they failed to make significant headway in the Champions League for the second successive campaign.
The decision seems hinged on the experience Emery has compared to Manchester City's assistant manager, though sources claim Arteta wanted assurances over the role he will play in Arsenal's transfer policy.
Arsenal are searching for their first new manager since 1996 with Wenger departing at the end of this season after almost 22 years at the North London club where he won three Premier League titles and seven FA Cups.An Arsenal spokesman declined to comment on the situation.
You'd have thought that by now they would have known exactly what's going on.
Despite being impressed by Arteta, senior figures among the Arsenal board began to favour Emery early last week, following initial talks with the 46-year-old, who parted ways with PSG at the end of this season. I can't get it out of my head.