Wolves boss Nuno Espirito Santo has emerged as a leading contender for the Arsenal job, according to reports.
Unai Emery has come under heavy pressure in recent weeks, with the Gunners having won only two of their last 11 Premier League fixtures.
A stoppage-time strike from Alexandre Lacazette salvaged a point against Southampton on Saturday, but Emery's side are still eight points adrift of the top four.
According to Goal, several members of club staff believe the situation has gone past the point of no return and expect Emery to lose his job in the near future.
Head of football Raul Sanllehi and technical director Edu held crisis talks with Emery following the 2-2 draw with Southampton.
And although the former Sevilla and PSG head coach is expected to be at the helm for Thursday's Europa League game against Eintracht Frankfurt, his days in north London are numbered.
Max Allegri, Mikel Arteta and Patrick Vieira have all been linked with the position in the last few days.
But the Daily Mail report that the Gunners hierarchy have now set their sights on Nuno, who has done a superb job at Molineux since taking the reins in 2017.
The Portuguese led Wolves to promotion to the Premier League in his debut campaign, before guiding the club into the Europa League last term.
And after a shaky start to the season, Wolves climbed into fifth place thanks to a 2-1 triumph over Bournemouth at the weekend.
Nuno is represented by superagent Jorge Mendes, who has a strong relationship with Arsenal chief Sanllehi.
It will not be straightforward for the north Londoners to prise him away from Molineux, however, particularly with Wolves going strong in the Europa League.
After Thursday's clash with Frankfurt, Arsenal travel to Carrow Road to face Norwich on Sunday.
Get the best features, fun and footballing frolics straight to your inbox every week.
Thank you for signing up to Four Four Two. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.