The Gunners boss is in the market for an Aaron Ramsey replacement after the Wales ace joined Juventus on a free transfer.
Emery knows Nkunku well from his two-year spell in charge of the Ligue 1 champions.
He made enquiries about the 21-year-old back in January but the Gunners never managed to agree a deal.
Efforts to seal a loan with an option to buy, reportedly proved ‘too complicated’ for Parisians.
Now however, the scene is different as PSG are looking to raise funds by selling players.
According to French outlet L’Equipe, the club are prepared to let Nkunku leave for around £13.5m.
Les Parisiens have not received a single bid for the Frenchman thus far.
But the report also reveals that Arsenal may well face competition from RB Leipzig should they launch an attempt.
Nkunku’s agent Jose-Karl Pierre-Fanfan recently confirmed that a summer exit was on the cards.
“The playing time is insufficient,” he said.
“Christopher is open to a departure.”
The midfielder started 13 Ligue 1 games last season, scoring three goals and providing two assists in the process.
Meanwhile, BBC journalist David Ornstein has confirmed that Celtic turned down a Gunners’ bid for left-back Kieran Tierney.
“As reported elsewhere Arsenal have had an opening bid of £15m for Celtic left-back Kieran Tierney rejected,” he tweeted.
“But there is optimism an agreement will be reached between the clubs.
“Personal terms for the 22-year-old Scotland international shouldn’t be a problem.”