According to La Colina de Nervion (via the Mirror's Jake Polden), the Argentina international is "ready to agree terms" at Arsenal but wants to know how big a part he will have to play.
Arsenal need to make additions to their midfield, especially with Jack Wilshere set to depart at the end of his contract on June 30.
Emery and Banega have worked together twice before, first at Valencia and then at Sevilla, so the coach will know what to expect from him should he move to north London.
Sevilla are said to want €12 million (£10.5 million) for him.
A creative and technically proficient playmaker, Banega can play both deep and more advanced and boasts ball-winning prowess, as well as a fine passing range.
There is a reason many have been crying out for him to be utilised by manager Jorge Sampaoli during Argentina's so-far disastrous campaign at the 2018 FIFA World Cup in Russia. Spanish football writer Dermot Corrigan is among those surprised at Banega's overlooking:
Banega has the quality and physicality to thrive in the Premier League and, given his relationship with Emery, could be an influential addition to the Gunners squad.
There will be concerns he is hardly a long-term fix to Arsenal's midfield problems given he is 30 later in June, but at just £10.5 million, his could prove to be a canny purchase.