Mauricio Pochettino, Nuno Espirito Santo, Brendan Rodgers, Max Allegri and Carlo Ancelotti all candidates for Arsenal job - report
The Gunners parted ways with Emery on Friday after a run of seven games without a win in all competitions.
Freddie Ljungberg has been handed the reins on a caretaker basis and will take charge of Sunday's clash with Norwich.
However, Arsenal have already begun the search for a permanent successor to Emery, with five men in the frame.
Leicester are flying high in the Premier League and are understandably loath to lose the Northern Irishman, who will reportedly cost £14m to prise away from the King Power Stadium.
Wolves are similarly keen to keep hold of Nuno, who has done a fine job at Molineux since taking control before the start of the 2017/18 campaign.
The Arsenal hierarchy favour a manager with Premier League experience, though, which makes Pochettino the leading contender.
However, it is not clear whether the Argentinian would be willing to manage Tottenham's arch-rivals, particularly as he was only sacked last week.
That could also count against Ljungberg, although a positive run of results in the coming weeks could see the Swede appointed on a full-time basis.
Arsenal are currently eight points adrift of the top four and could fall further behind the Champions League qualification spots before their trip to Carrow Road on Sunday.