A deal with the Spaniard has been agreed after an extensive serch from the Gunners for a new boss.
Arsenal today opened talks with Emery over replacing Arsene Wenger.
The Frenchman has left the club after almost 22 years in charge.
Mikel Arteta was tipped to replace Wenger, with Santi Cazorla as his replacement.
But Express Sport understands former Arsenal captain Arteta was not convinced by the club’s offer.
Cazorla has today confirmed he will leave Arsenal at the end of the season when his contract expires.
As for Emery, he is likely to bring in his own coaching staff, having been axed by PSG at the end of the season.
He guided the French club to the domestic treble this campaign but their failure to win the Champions League cost the ex-Sevilla boss his job.
The 46-year-old joined PSG two years ago after leading Sevilla to a third successive Europa League triumph.
He was kept on at PSG after his first season ended with the club surrendering the Ligue 1 title to Monaco.
Arsenal had wanted to get a new manager installed before the World Cup starts.
The transfer window is already open and the Gunners board are keen to get going on deals.
It is understood Emery may be offered a £50million transfer kitty, with Arsenal having twice broken their transfer record over the past 12 months.
Emery was free to spend in Paris, bringing Brazilian sensation Neymar to the Parc des Princes in a staggering £200m deal back in August.
But he may have to tighten his belt a bit in north London.