The next Arsenal manager will be charged with trying to restore the team to regular Champions League qualification and Premier League title contention, the Gunners having now missed out on elite continental competition in back-to-back campaigns.
His time at PSG, where he won the French title this season, had been less successful, with the club's Qatari owners choosing to replace him with former Borussia Dortmund coach Thomas Tuchel after two disappointing campaigns in the Champions League.
According to the BBC, Arsenal voted unanimously in favour of appointing Emery and the Spaniard will be unveiled later this week.
File image of Unai Emery.
However, it is believed the 36-year-old raised concerns over how much control the new boss will have in the new structure regarding transfers.
He is expected to come to north London with his own technical staff, including a new assistant manager, physiotherapist and video production specialist.
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Emery, who made his name during his three-year stint in charge of Sevilla, was at one stage a 66/1 shot and behind Tim Sherwood in the betting odds to become Arsenal manager.
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Former Arsenal midfielder Mikel Arteta, now part of Pep Guardiola's backroom team at Manchester City, had been heavily rumoured to be the leading candidate and Wenger said last week the Spaniard "has all the qualities to do the job".
"He was a leader, has good passion for the game, knows the club and knows what is important at the club", Wenger told BeIn Sports.
However, he established a reputation as a bright young coach at Lorca and Almeria before being handed his first big job at Valencia in 2008.
A short, ill-fated spell at Spartak Moscow followed before he returned to his homeland at Sevilla in 2013.