Arbeloa was appointed on an interim basis in January following Xabi Alonso's dismissal and has been unable to reverse the club's trajectory. Real Madrid crashed out of the Champions League at the quarter-final stage and sit 11 points behind Barcelona in La Liga with four matches remaining.
Fichajes.com reports that Emery is not ruling out a return to Spain despite his contract at Villa Park running until 2029. Asked about the links, Emery kept his response brief, saying only: "I have nothing to say about it."
The interest is rooted in his record since arriving at Aston Villa in October 2022. He inherited a club two places above the relegation zone and guided them to back-to-back Champions League qualifications, with a run to the competition's quarter-finals last season.
Villa are currently fifth in the Premier League and still in contention for European football, while also preparing for a Europa League semi-final second leg against Nottingham Forest on Thursday.
His previous work in Spain reinforces the argument for the appointment. Emery won three consecutive Europa League titles with Sevilla and a fourth with Villarreal, the latter at Real Madrid's expense in the 2021 final. He also led Paris Saint-Germain to the Ligue 1 title in 2018.
Emery is not the only name in circulation. José Mourinho, currently at Benfica, has been linked with the backing of president Florentino Pérez for a return to the Bernabéu. Massimiliano Allegri of AC Milan and Jürgen Klopp, now in an executive role within the Red Bull organisation, have also been mentioned.