Manchester City assistant and former Arsenal player Mikel Arteta were thought to be on the verge of succeeding the long-serving Frenchman at the Emirates Stadium.
However, the Daily Mail reports that the Arsenal board will consider Emery before making any final decision, with the Spaniard leaving PSG on the back of a domestic treble this season.
Emery won three successive Europa League titles with Sevilla before his move to the French capital, where he picked up seven trophies during his two years at the helm.
Arteta remains the favourite to be named the next Arsenal manager, though, with the 36-year-old having been backed by a number of influential figures at the club, including Wenger himself.
Arsenal have also been linked with two other former players in Patrick Vieira and Thierry Henry, while they have not yet ruled out the possibility of bringing in both Emery and Arteta as a management team.
Wenger spent 22 years in charge of the Gunners, winning three Premier League titles and seven FA Cups during that time.