Arsenal have made just one signing so far this summer, with Brazilian teenager Gabriel Martinelli joining for £6m.
Emery was expected to make wholesale changes to his squad after a disappointing season last term.
But he has found his hands tied somewhat by a transfer budget thought to be around just £45m.
Ahead of the new Premier League season though, Arsenal are still hoping to complete a number of deals.
Most likely to be the next signing Arsenal make, 18-year-old defender Saliba is understood to be nearing a move to the Emirates.
The Gunners had faced competition for the French youth defender from bitter rivals Tottenham.
But they look to have reached the closing stages of finalising a £27m deal, which is set to be paid in instalments.
Saliba will be loaned back to the Ligue 1 side for the upcoming campaign.
One of the ongoing transfer sagas of the summer, Arsenal have found themselves banging their head against the wall with Tierney.
The Celtic left-back is one of the finest young talents in the British game, and has won the SPFA Young Player of the Year award three times in the last four years.
The Hoops reportedly rejected Arsenal’s latest bid of £25m over a number of instalments, insisting they wanted as much cash as possible up front.
Having seen Aaron Ramsey head out to Juventus on a free transfer, Emery has identified Real Madrid workhorse Dani Ceballos as a replacement.
Arsenal are thought to be nearing a loan move for the Spain international, who was part of the U-21 Furia Roja team that won this summer’s European Championships.
The Gunners are understood to be waiting for Zinedine Zidane’s seal of approval before a move is sanctioned.
More commonly known as just Everton, Arsenal are thought to be nearing a £36m move for the Brazil winger.
The Sun claim an Arsenal club doctor travelled to South America on Thursday to conduct a medical on the 23-year-old.
The Copa America winner, who plays his club football for Gremio, has earned 12 caps for Selecao, and is seen as a cheaper alternative to Wilfried Zaha.