The Gunners boss desperately needs a winger ahead of the 2019/20 campaign.
And with top target Wilfried Zaha proving too expensive at Crystal Palace, attention has turned to Fraser.
The Scotland international was linked with Arsenal at the back end of last season.
And his future is still clouded in mystery as the Cherries have failed to tie him down on a new contract.
Fraser’s current deal expires in 12 months’ time, so Bournemouth face the prospect of losing him for free next year unless they cash in now.
Arsenal are poised to take advantage of the situation and have Emery’s seal of approval on the player.
Starsport understands the Spaniard was very impressed by Fraser’s goal and assist return at the Vitality Stadium last term.
In the 2018/19 season, the 25-year-old netted seven times and registered a staggering 14 assists in 38 Premier League games.
“Fraser’s exceptional work-rate is also a particularly appealing trait for Emery”
Only Real Madrid’s £130m summer signing Eden Hazard managed more (15) at Chelsea, while Arsenal’s highest was striker Alexandre Lacazette as he mustered eight.
In terms of top-flight goals too, only joint-Premier League Golden Boot winner Pierre-Emerick Aubameyang (22) and strike partner Lacazette (13) scored more times for Arsenal than Fraser.
Additionally, it is understood Fraser’s exceptional work-rate is also a particularly appealing trait for Emery.
The Arsenal boss would ideally sign both Fraser and £80m-rated Zaha this summer, but financial restrictions at the Emirates Stadium obviously prohibit that.
Emery entered the summer market with only £45m to play with before any player sales due to Arsenal’s failure to qualify for the Champions League.
The signing of 18-year-old Gabriel Martinelli from Ituano has already taken up £5m of that budget.
But Fraser’s cost of potentially just £20m will allow Emery to still strengthen his defence.
Celtic’s £25m-rated Kieran Tierney remains a primary target.