The Arsenal target having caught the manager’s eye at Bournemouth last season.
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.
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.