The 19-year-old has become one of the hottest prospects in South America following his impressive performances for the Brazilian outfit and is attracting attention from several top European clubs, including Benfica and PSG.
Brazilian publication O Tempo, as reported by The Sun, now claim the Premier League duo are ready to make a move for the young right-back.
Its understood that Atletico Mineiro are in financial trouble at present and may be forced to cash in on their newest asset.
As a result of this, both Arsenal and Chelsea are preparing bids in the region of £8million for Emerson and had scouts present during Atletico Mineiro 1-1 draw with Palmerias on Sunday.
The right-back position for the Gunners could be an area that Unai Emery may look to bolster despite having Hector Bellerin, Stephan Lichtsteiner and Carl Jenkinson at his disposal. However, Bellerin has been constantly tipped with a move back to former club Barcelona, while Lichtsteiner isn’t getting any young and Jenkinson doesn’t appear to be in Emery’s long-term plans.