The 46-year-old will undertake one of the most daunting jobs in English football having recently left Paris Saint-Germain and dabblebet are 25/1 (26.0) about the Gunners winning the Premier League in 2019.
The club looked set to hand the reigns to Mikel Arteta, but a late U-turn saw Emery surge into pole position for the role. Emery is certainly a more experienced pair of hands, boasting three Europa League titles between 2013 and 2016 plus a spate of trophies in Ligue 1, although they are the bare minimum of expectation when taking charge of Les Parisiens.
As with several big next manager markets there was plenty of volatility. Luis Enrique, Max Allegri and Zeljko Buvac all traded at short prices before it became clear that Arteta was the most likely succesor to Arsene Wenger. The Manchester City coach traded as short as 1/6 (1.17) in places.
Despite a change on the side-lines, the bookmakers still feel Arsenal will fall short of securing a top-four finish next term.
The tally of 63 points achieved in the past 10 months is the lowest since the 1995/96 campaign (also 63) under Bruce Rioch which brought about Wenger's arrival.
The 25/1 (26.0) about Arsenal in the Premier League winner market is more than double the price of Tottenham (12/1) and Chelsea (12/1) who are viewed as the two teams likely to be battling for the final Champions League spot according to dabblebet.
The same firm are 4/6 (1.67) about Manchester City retaining their domestic crown with Liverpool (5/1) believed to be their nearest contenders, just ahead of Manchester United (6/1) who finished the current campaign as runners-up to their city rivals.
Plenty can change over the summer of course, especially with clubs needing to get their transfer business completed before the season gets underway, but it's fair to say the odds compilers aren't expected a marked improvement as Emery takes charge of the club that he spent five years at as a player between 2011 and 2016.