Chief executive Ivan Gazidis confirmed that Emery was Arsenals unanimous choice to succeed Wenger in an official announcement on Wednesday morning.
The former Paris Saint-Germain boss must now begin drawing up a shortlist of targets for the summer transfer window, with the club in desperate need of reinforcements ahead of the 2018/19 campaign.
A number of players have been linked with the north London giants, with Nice midfielder Jean-Michael Seri understood to be firmly on Emerys radar.
However, according to Goal, Wenger urged Emery to focus on strengthening the sides defence.
West Brom centre-back Jonny Evans and Bundesliga duo Sokratis Papastathopoulos and Caglar Soyuncu are all believed to be targets.
The Gunners conceded 51 goals in the Premier League this season, twelve more than seventh-placed Burnley across the campaign.
Upon his arrival, Emery told Arsenal fans that he was very excited to be given the honour of replacing Wenger.
I am thrilled to be joining one of the great clubs in the game. Arsenal is known and loved throughout the world for its style of play, its commitment to young players, the fantastic stadium, the way the club is run, he said.
Im very excited to be given the responsibility to start this important new chapter in Arsenals history.
I have met Stan and Josh Kroenke and its clear they have great ambitions for the club and are committed to bringing future success.
Im excited about what we can do together and I look forward to giving everyone who loves Arsenal some special moments and memories.