Gunners boss Emery is said to be a keen admirer of La Liga star Partey, having watched him during his three years in charge at Sevilla.
And Ghanasoccernet claim the Spaniard could make a move as early as the January transfer window.
Paris Saint-Germain – Emery’s former club – are also reported to be interested in the 25-year-old.
The Ligue 1 giants have injury problems and were recently forced to play centre-back Marquinhos in midfield.
And while Arsenal have options in the middle of the park, Emery is understood to be keen on bolstering his ranks even further.
He looks set to lose Aaron Ramsey on a free transfer in the summer as his contract expires and he is yet pen a new deal.
Liverpool have been strongly linked with a move for the Welshman, while reports claim Manchester United manager Jose Mourinho has instructed his board to complete a deal for the 27-year-old.
United are understood to have made a cheeky attempt to sign him in the summer but were knocked back by Emery.
His exit from the club now looks inevitable and all-action midfielder Partey might be the perfect replacement.
He was outstanding last season, making 50 appearances for Diego Simeone’s side as they finished second behind Barcelona in La Liga and won the Europa League.
But reports suggest Simeone would be willing to part with him as he is lining up a move for Juventus star Rodrigo Bentacur.
The Gunners have also been linked with a move for Lille winger Nicolas Pepe, 23, and Atlanta United’s Miguel Almiron, 24.