The 46-year-old Spaniard, who does not speak fluent English, is available after PSG opted against renewing his contract following a two-year spell in the French capital, during which he won one Ligue 1 title and four domestic cups.
His stock rose dramatically at Sevilla where he won three consecutive Europa League crowns between 2014 and 2016.
According to David Ornstein of BBC Sport, "an announcement and news conference are expected later this week" to confirm Emery as Wenger's successor.
Not only does Emery not speak fluent English, as Ornstein points out, but he's always been looked at as a manager who can't win the biggest of games - which has been a knock for Arsenal in recent years. The paper states the former Gunners captain was deemed as a big risk given his lack of managerial experience, and though he was edging towards a three-year deal worth £4m-a-year, the club settled on Emery after taking their time and speaking to all the potential candidates.
File image of Unai Emery.
Arsenal chief executive Ivan Gazidis, Raul Sanllehi and recruitment chief Sven Mislintat led the Gunners' search for a new boss and decided on Emery.
You'd have thought that by now they would have known exactly what's going on.
"What's going on at Arsenal, where's Unai Emery come from?" I can't get it out of my head. If we do see a difference in intensity, drive and consistency everybody will get onside and that's all Arsenal fans want to see.