The Daily Mail is reporting that the 45-year-old is the leading contender to take over the reins of the north London side if Arsenal opt to make a change.
The same article states the Gunners are weighing up Emery’s future at the north London side on a game by game basis following their winless run in the Premier League.
According to the same story, the Arsenal board have been impressed with Santo’s success at Wolves after he won the Championship title in 2017-18 before leading them to a seventh-placed finish last term.
The Daily Mail go on to add that Santo’s agent Jorge Mendes already has a long-standing relationship with Arsenal head of football Raul Sanllehi.
Arsenal are in eighth place in the Premier League table and a point adrift of fifth-placed Wolves following their 2-2 draw with Southampton last weekend.
The Gunners are winless in their last five Premier League games to leave their top-four challenge in doubt.
The north London side haven’t won a Premier League game since a 1-0 victory over Bournemouth in October.
Arsenal finished in fifth place in the Premier League table last term.
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