Italy's Il Messaggero reports, Iwobi is attracting a potential deal from Lazio, who are eager to replace Felipe Anderson who recently joined West Ham.
The 22-year-old struggled to develop consistency under Arsene Wenger throughout the course of last season but will be hoping to nail down a place in Emery's starting line-up.
According to Il Messaggero, Iwobi is available for £22m this summer, and Italian giants Lazio now lead the interest.
Iwobi played for Nigeria at the World Cup earlier this summer.
Everton reportedly want Arsenal's Alex Iwobi.
English Premier League side Arsenal arrived in Singapore on Monday (Jul 23) for the 2018 International Champions Cup as part of their pre-season preparations.
It's reported by the Mirror that Iwobi has already agreed to new terms with Arsenal, with contractual negotiations progressing in recent months.