The north London club, who have missed out on Champions League football for a second successive season, are hoping to make an appointment before the World Cup kicks off.
Wenger is one of the greatest managers in Premier League history, and the Frenchman would be great for Everton. It became apparent that supporters of the club had grown increasingly disillusioned with their manager and rightly so as Arsenal were stuck in a loop of inadequacy and passivity - going through the motions of the season but not making any kind of impact year after year.
Former Arsenal midfielder Mikel Arteta has been priced as the bookies favourite to take over from Arsene Wenger according to Betway.
Arsenal not only finished twelve points adrift of the eventual "top four" of the Premier League, but they conceded 51 goals in 38 games - only Everton and Leicester City produced worse defensive attributes among the top ten English clubs.
While Emery is ready for a new opportunity, the 46-year-old said he was yet to receive an offer from Arsenal.
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"I almost signed Ronaldo and I think that would have changed the history of Arsenal Football Club". You can't come out and the next morning say I go somewhere else.
It also remains unclear what Wenger's next move will be.
Club legend Patrick Vieira was still hoping he could land the role but Arteta is seemingly the preferred candidate and is now odds-on to land the job, and has been back into 1/2 with Coral.
Iwobi was however not bothered by league finish as he took to his official Twitter account stating his disappointment at the departure of the manager who gave him an opportunity in the first team.