The north London club sunk to new lows under Emery on Thursday evening as they slumped to a 2-1 defeat at home to Eintracht Frankfurt with a record-low crowd at the Emirates Stadium.
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The squad were informed at around 9am on Friday and former Arsenal winger Freddie Ljungberg has now taken charge on an interim basis. He is a front runner for the full-time role, as is former Juventus boss Massimiliano Allegri.
Former Tottenham boss Mauricio Pochettino, who was replaced at Spurs by Jose Mourinho last week, has also been mooted for the role in what would be a hugely controversial appointment.
Arsenal could also turn to former assistant coach and club captain Mikel Arteta – who now works as Pep Guardiola’s no.2 at Manchester City.
Arteta nearly landed the role following Arsene Wenger’s before Emery was handed the reins.
But who else is in contention for the manager’s role at Arsenal? Here are the 20 managers who could replace Unai Emery as Arsenal manager, according to SportNation.