The club have appointed former player Freddie Ljunberg as interim head coach, having terminated Emery’s contract due to “results and performances not being at the level required”.
In a short statement, the club added: “We have asked Freddie Ljungberg to take responsibility for the first team as interim head coach. We have full confidence in Freddie to take us forward.”
Arsenal director Josh Kroenke meanwhile expressed his gratitude to Emery and his backroom team.
“Our most sincere thanks go to Unai and his colleagues who were unrelenting in their efforts to get the club back to competing at the level we all expect and demand,” Kroenke said.
The Independent understands that Manchester City assistant head coach Mikel Arteta currently tops the club’s list of candidates to replace Emery. Arteta had previously been very close to the job in May 2018 only for Arsenal to make a late decision to appoint Emery.
Wolves’ Nuno Espirito Santo, Napoli’s Carlo Ancelotti and the unemployed Max Allegri are also being considered.
On Thursday Arsenal lost 2-1 at home to Eintracht Frankfurt in the Europa League, with the club enduring their longest winless run since February 1992.
At full-time the Spaniard was jeered by the sparse Emirates crowd, with some supporters holding ‘Emery Out’ posters.
“Now our moment is not good,” Emery said after the defeat. “I can understand the criticism about the team and about me. We are not in a good moment.”
Emery, 48, replaced Arsene Wenger in May 2018 but was unable to lead the club back into the Champions League.
In his first season in charge the club did reach the final of the Europa League, only to lose 4-1 to London rivals Chelsea.
The club spent over £100m in the transfer market this summer but have made a poor start to the current campaign, winning just four of their opening 13 Premier League matches.
Arsenal currently sit eighth in the Premier League table – one point above both Manchester United and north London rivals Tottenham Hotspur – and next play Norwich City at Carrow Road on Sunday.