That’s according to journalist Duncan Castles, who says Emery views Dembele as an option should one of their main frontmen leave the Emirates this summer.
Dembele, 22, has scored 20 goals in 45 appearances for Lyon since completing a £20m move from Celtic last year.
Arsenal could be in need of an attacking reinforcement soon, too, with a number of reports suggesting Pierre-Emerick Aubameyang is wanted by Chinese Super League clubs.
And Castles thinks it could be wise for the Gunners to cash in on Aubameyang, reinvest the money in Dembele and spread the cost of his high wages elsewhere in the team.
“Arsenal’s interest [in Moussa Dembele] is intriguing, as I’m told it’s driven by Unai Emery rather than the club”
“Arsenal’s interest is intriguing, as I’m told it’s driven by Unai Emery rather than the club,” he told The Transfer Window podcast.
“Emery sees Dembele as an option should one of their lead strikers be sold this summer.
“And we’ve seen some talk that China has an interest in Aubameyang again, as they have done in the past.
“That could be a lucrative deal for Aubameyang, a lucrative deal for Arsenal, in which case they could reinvest some of the money in Dembele and put some of Aubameyang’s very high wages elsewhere in the team.”
Castles’ comments came after it was claimed:
Yesterday Arsenal announced that seven players have been released from the club upon the expiry of their contracts.
England forward Danny Welbeck, goalkeeper Petr Cech and veteran defender Stephan Lichtsteiner are some of the high-profile names becoming free agents this summer.
Aaron Ramsey is also out of contract, but the Welshman has already confirmed he will be joining Italian champions Juventus when his deal expires.
The north London club also announced left-back Cohen Bramall, midfielder Charlie Gilmour and young Spanish defender Julio Pleguezuelo will not be at The Emirates next season.
In a brief statement on their website, Arsenal said: “We thank them all for their contributions to the club and we wish them every future success.”
However, it is not only those out of contract who could be leaving Arsenal this summer.
Because Shkodran Mustafi, Laurent Koscielny and Nacho Monreal could also be heading out the door, according to The Mirror.
It is believed Emery wants to raise extra funds to strengthen his squad, with certain reports claiming he has been given a summer transfer budgets of just £40m.