The Gunners bolstered their top-four challenge on Sunday evening thanks to a 4-2 victory over Tottenham Hotspur at The Emirates on Sunday afternoon.
Arsenal were dominant in the opening half hour and Pierre-Emerick Aubameyang broke the deadlock from the penalty spot.
However, Eric Dier and Harry Kane netted quick-fire goals to give Tottenham a half-time lead in the red half of north London.
The home side responded in the second half after Emery brought on Aaron Ramsey and Alexandre Lacazette at half-time.
Goals from Aubameyang, Lacazette and Lucas Torreira sealed three points to hoist Arsenal into fourth place ahead of Tottenham.
Arsenal are a point adrift of third-placed Chelsea FC in the race to finish in the final two Champions League spots.
The Gunners have failed to finish in the Premier League’s top four in the last two seasons to result in Arsene Wenger’s exit.
Former Spurs midfielder Redknapp believes Emery will merit the manager of the year award if the Gunners secure a top-four finish.
“After this result, they have leapfrogged Tottenham and taken their place in the top four,” Redknapp told the Daily Mail.
“It was a performance that suggested that Arsenal are contenders once again.
“There is still a long way to go. Tottenham and Chelsea will prove tricky to overhaul for a place in the top four.
“Do so, and Emery has to be a serious contender for manager of the year.”
Arsenal signed five players in the summer transfer window to overhaul his squad ahead of the new Premier League campaign.
The Gunners will take on Manchester United at Old Trafford on Wednesday night.
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