On Monday, BBC Sport's David Ornstein reported the Spaniard, who recently left his duties as PSG boss after the club did not renew his two-year contract, was "likely" to be announced later this week.
Emery, 46, also managed Valencia and Spartak Moscow before moving to Sevilla, where he won three successive UEFA Europa League titles.
The club interviewed former Gunners midfielder Mikel Arteta for the position, and he looked like the favourite to take over. But the Telegraph's Matt Law reported on Monday that his former employers had gone cold on him.
As sentimental and outside-the-box as that appointment may have been, Eurosport's Tom Adams spoke of Arteta's compatriot as the option who made the most sense after Arsenal's 22-year tenure under Wenger:
Despite winning the Ligue 1 crown this season as part of a French quadruple, Emery left the Parc des Princes with his share of criticism, the biggest of which was falling out of the UEFA Champions League in the round of 16.
At the Emirates Stadium, he'll have time to set in place Arsenal's return to that competition, as the Gunners missed out on a top-four Premier League finish this term and lost to Atletico Madrid in the Europa League semi-final.
However, Yahoo's Andrew Gaffney warned of an appointment that may not be the finished article, which is a risky prospect for Arsenal, who are themselves in a major state of transition after Wenger's departure:
Emery lost the Ligue 1 title to AS Monaco in his first season at the club but responded with a much more dominant second term, albeit after signing Neymar and taking Kylian Mbappe from their French Riviera rivals.
He'll have his own share of star talents and big personalities to shape in north London as another of Europe's biggest managers is reportedly on the verge of trying his hand in the Premier League.