The Atletico Mineiro star, 19, has become one of the hottest prospects in South America and is attracting huge attention in Europe.
Brazilian outlet O Tempo now claims the Premier League duo are set to swoop for the sought-after right-back in January.
Atletico Mineiro are also said to be going through financial problems at present and could be willing to cash in on their newest star.
With that in mind, Chelsea and Arsenal are braced to bid in the region of £8million for Emerson – full name Emerson Aparecido Leite de Souza Junior.
In fact, Premier League scouts were present for the 1-1 draw with Palmeiras on Sunday as the January window edges ever closer.
Arsenal are one side itching to bolster their defensive ranks, with Hector Bellerin, Stephan Lichtsteiner and Carl Jenkinson the only recognised right-backs.
Bellerin has long been tipped for a move while Lichtsteiner is winding down his career and Jenkinson is almost certain to leave.
That could open the door for Unai Emery to make his move, while Chelsea look to add more back-up to Cesar Azpilicueta and Davide Zappacosta.
The Blues have a long history of signing Brazilians – and Emerson could be tempted to the club by the likes of Willian and David Luiz.
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