Emery is set to have a busy summer with a number of comings and goings likely.
The Spaniard will have a modest transfer budget at Arsenal but can increase that with sales.
Aaron Ramsey will depart on a free while there are plenty of rumours surrounding the future of Pierre-Emerick Aubameyang.
Danny Welbeck will leave and Emery could replace him with Chalov, according to Sky Sports News.
Chalov was top-scorer in the Russian Premier League, scoring 15 times for CSKA.
The 21-year-old also netted against Real Madrid at the Bernabeu in the Champions League.
Chalov has three years left on his contract at his current club and may not come cheap for Emery.
The Arsenal boss recently admitted he needs to spend if he wants to improve his team with the Gunners finishing fifth in the Premier League.
He said: ”I think we can improve first, by spending money to achieve players.
“In the past the club have done great work in watching players, finding and signing young players and developing our players in the academy.
“I have big respect for our work, for our players in the academy.
“I want to develop the players here—giving them progress to achieve something at a big club like we are.
“We can also achieve [buy] some players who are in other teams, who can come here and give us this performance—like [Virgil] Van Dijk with Liverpool.”
Aubameyang has appeared to put rumours of him leaving to bed on social media.
The striker liked a tweet saying: “To everyone saying sell @Aubameyang7 youre just pure mad, this guy in his first full season had the joint golden boot, with the majority of that from the wing?!
“People needs their heads testing. This guy is the closest we’ll come to TH14 [Thierry Henry].
“The man will become a legend #MyStriker”
