The future of the Gunners boss is under scrutiny after the club’s poor start to the season.
Mauricio Pochettino has been linked with a move across north London after leaving Tottenham, but Nuno has impressed the Arsenal hierarchy with the job he has done at Wolves.
The 45-year-old Portuguese manager led Wolves to the Championship title two years ago and his side finished seventh in the Premier League last season, securing a place in the Europa League.
After struggling early on in the season with the extra fixtures, Wolves have returned to the form of last season, now sitting fifth in the Premier League table and set to qualify from their Europa League group.
Arsenal fans have been calling for Emery to be sacked and the team were booed off on Saturday after they needed a stoppage-time goal from Alexandre Lacazette to salvage a 2-2 draw at home to struggling Southampton.
Arsenal are aware that luring Nuno away from Wolves in the middle of the season could prove problematic, so the Gunners may decide to put first-team coach Freddie Ljunberg and academy boss Steve Bould in charge until the summer.