According to 'Sky Sports', the midfielder would be permitted to part ways with the club, if they received an offer in excess of £35million after having reached an agreement with Nice.
Emery had previously attempted to lure the 26-year-old over to Paris Saint-Germain but due to Financial Fair Play regulations, the Ligue 1 giants instead opted to sign Lassana Diarra on a free transfer.
At Arsenal, Jack Wilshere's contract is due to expire and although negotiations are ongoing, there has been no official confirmation that the midfielder will be at the Emirates Stadium next season so far.
Therefore the Gunners could be in the market for another midfielder, and Seri has performed well at Nice this season having made 30 appearances for the French league outfit.