Arsenal long-term Pablo Fornals is reportedly also attracting interest from Spanish giants Barcelona.
The Villarreal star has been heavily linked with a move to the North London club in recent days, with Emery said to be a huge admirer of the player.
Arsenal had reportedly shortlisted him as a potential replacement for Ramsey, who is set to depart from the club at the end of his current deal.
However, according to Marca, Barcelona will rival the Gunners for his signature over the coming months.
Both teams are expected to be in the market to sign a new midfielder and Pablo Formals has been on their radar.
Villarreal have played down interest from Barcelona and Arsenal, with the La Liga side hoping to keep hold of the player until the next season.
The report from Spain claimed that the player has a release clause of €25 million, while other outlets have claimed that the player’s actual clause is in the region of €40 million and both Barcelona and Liverpool should break the bank to lure him away from the Yellow Submarine.