That is the opinion of Sky Sports pundit and former Liverpool star Steve McMahon.
Aaron Ramsey is out of contract at Arsenal at the end of the current season.
The Wales international had an offer on the table but the Gunners withdrew it last month.
Ramsey now looks set to leave the club for free next summer, similar to how Jack Wilshere departed earlier this year.
Emery has remained coy over Ramsey’s situation in recent media briefings and says he wants the 27-year-old to maintain focus on Arsenal.
And McMahon believes it would not have been the Spaniard’s decision to withdraw the contract offer to Ramsey.
“It won’t be him who’s made that decision,” the ex-England international said.
“These negotiations have been ongoing, so it would be the powers that be.
“He’s wanting £200,000-250,000-a-week, ‘we’re not prepared to give him it’.”
Ramsey is free to talk to clubs from abroad in January with a view to a move next summer.
And McMahon believes Arsenal have left it too long if they now decide they want Ramsey to stay.
“Negotiations should have taken place last season,” the pundit added.
“Not wait until this season because the longer it goes, the player says ‘sorry no, I’m going to be offered another £50,000 more’ for arguments sake.
“If you had started negotiations with two years on his contract, you’ve got a better chance of signing the player.”
Ramsey helped Arsenal beat Blackpool 2-1 in the Carabao Cup on Wednesday evening.
The Gunners face north London rivals Tottenham in the quarter-finals in December.