Still, the deal does not remain straightforward for the Gunners, given they are unlikely to be able to discuss a permanent move for the attacker in the current transfer window.
Sky Italia has reported that Arsenal are closing in on a deal for Barcelona midfielder Denis Suarez, who played under Emery at Sevilla, but the Gunners boss admitted that he was not sure how that move was progressing.
"We can not sign anyone permanently", Emery said ahead of Arsenal's game against West Ham on Saturday.
"I am very happy, I know it is not easy for us now in this transfer market and if we can find one player who can help us like we need, with the quality and a different player for getting in our squad, we are going to do it". "We can only sign players later on. But we can only sign on a loan and I know the club is working for the possibility of players who can help us with this condition".
Arsenal are fifth in the Premier League, three points outside the top four, as they seek a Champions League return in Emery's first season in charge.
Emery also praised the attitude of Aaron Ramsey as the Wales global continues to be linked with a move away from the Emirates Stadium.
"I can not tell you more".
Suarez's arrival may also help offset the summer departure of Aaron Ramsey, with the Wales worldwide having agreed terms with Serie A champions Juventus ahead of a free transfer at the end of the season.
Of the link to Banega, former Sevilla boss Emery added: "I know this player and he's a very good player".
There was better news for Emery ahead of Saturday's Premier League trip to face London rivals West Ham. "In the last match [against Blackpool in the FA Cup] I was very happy with him".
"My idea and focus, I say to him every day, is that we need his performance for us", he said.