Arsenal face Norwich at Carrow Road on Sunday where Freddie Ljungberg, assistant to Emery, will be interim head coach.
“We have full confidence in Freddie to take us forward” a club statement read.
“The search for a new head coach is underway and we will make a further announcement when that process is complete.”
But who will be the new permanent Arsenal job? Here, talkSPORT.com looks at seven potential contenders for the vacant job…
Massimiliano “Max” Allegri
Former Juventus manager Allegri – a serial winner – is the early favourite for the job.
The Italian is available having left the Serie A giants at the end of last season after steering the Old Lady to five consecutive titles in his time in Turin.
He is now keen on a new challenge in England and last month it was reported the 52-year-old was having English lessons in anticipation of a move to the Premier League.
Allegri, who also won a Serie A title with AC Milan, reached two Champions League finals with Juve but finished runner-up in both.
He is yet to test himself outside of Italy but the English top flight represents an attractive prospect as he looks for his next job.
Odds on becoming next Arsenal boss: 2/3
Freddie Ljungberg
Assistant first-team coach Ljungberg has been offered the role of caretaker boss while the club search for a replacement.
The former Gunners winger, who spent nine years as a player at Highbury, previously worked as Arsenal’s Under-23s manager before he earned a promotion to the first-team back in June.
A good run of results could land him the job permanently.
Odds on becoming next Arsenal boss: 5/2
Mikel Arteta
Before Emery was appointed, former club captain Arteta was on the verge of being handed the reins.
Since retiring from the game, the Spaniard has been learning the ropes as Pep Guardiola’s assistant manager at Manchester City, but it is believed he now feels ready for a top job in management.
Should Arsenal hire Arteta it would very much follow a trend in top Premier League clubs hiring former players – just look at Chelsea and Manchester United.
The only notable shortcoming is his lack of experience, and it could prove to be a risky appointment with Arsenal’s fanbase known to be volatile and fickle at the best of times.
Odds on becoming next Arsenal boss: 6/1
Nuno Espirito Santo
The Wolves manager has been made the bookies’ favourite to replace Emery.
The 45-year-old former goalkeeper has taken Wolves from the Championship to the Europa League since arriving at Molineux in May 2017.
Wolves are currently on course for European qualification once more, sitting fifth in the Premier League – a point ahead of Arsenal – and have lost just once in their last 13 games in all competitions.
Santo had previously been axed from his previous job, at Porto, having failed to win any silverware during his year in charge.
Prior to his time there, he managed Valencia, where he spent 14 months before resigning due to a poor start to the 2015/16 campaign.
Odds on becoming next Arsenal boss: 11/2
Mauricio Pochettino
Members of Arsenal’s board are fans of Pochettino and he is ‘well liked’ by key figures at the club.
That is understandable given the incredible work the Argentine did with Arsenal’s bitter rivals Tottenham.
Prior to Pochettino’s reign, Spurs qualified for the Champions League just once in 22 years. They are now participating in the elite competition for the fourth year in a row thanks to his guidance.
He’s young, has an attractive footballing philosophy and isn’t scared to give the youth a chance – fitting the criteria of what the Gunners want in a manager.
It would be a massive coup for the club if they can secure his services, but he remains a highly unlikely choice, having previously insisted he could never take charge of Tottenham’s bitter rivals.
Plus, he could soon have his pick of top jobs with Bayern Munich and Manchester United both linked with the Argentine.
Odds on becoming next Arsenal boss: 9/1
Eddie Howe
Brendan Rodgers is doing a magnificent job with Leicester but he is unlikely to leave his role any time soon, and if a Premier League manager was approached Bournemouth boss Howe probably would be that man.
The Englishman is the second longest-serving manager in English football and has guided Bournemouth to promotion from each division of the Football League.
The Cherries are now in their fifth season in the top flight, despite their limited resources, and they play an attractive brand of football.
The 41-year-old would undoubtedly be a risk due to his inexperience at managing at the top level but it may one worth taking.
Odds on becoming next Arsenal boss: 20/1
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