Emery has a lot of work to do this summer, if he is to guide the Gunners back into contention for the Champions League places, and the signing of the 22-year-old Uruguay global would be a great way to start.
The failure to qualify for the Champions League for the second season running has likely contributed to the drop in spending power and it could cause an issue when trying to sign Torreira.
According to SampNews24, the north Londoners have agreed to activate the player's escape clause but the deal is supposedly being held up by the agent's brokerage fee.
"Lucas Torreira has a release clause".
The Uruguayan prospect will feature for his country in the World Cup later this week, having been named in the 23-man squad and will be hoping to appear in La Celeste's opening game against Egypt this Friday.
The Gunners have also reached an agreement with Borussia Dortmund to sign Sokratis Papastathopoulos, and the Greek centre-back is due to be officially announced next month.