Iwobi posted a video of him beating teammate Alexandre Lacazette one on one during Wednesday's pre-season training session. Dembele then commented on the post, poking fun at his compatriot's struggles against the Nigerian.
This interaction on social media has led some Arsenal fans to the conclusion that Dembele's move is imminent, with many expressing their delight on social media.
Emery has been given a boost in his pursuit of the Frenchman after Barcelona signed Brazilian winger Malcolm from Bordeaux. Dembele is understood to be furious with the Catalan giants and is now reportedly looking to exit the Nou Camp.
Given Arsenal's activities in the transfer market so far it is unlikely that the Gunners will sign Dembele on a permanent transfer this window. However, there have been reports circulating that there is a possibility of Arsenal signing the 21-year-old on a loan deal this season.
Dembele had a difficult first season at Barcelona after signing for £135.5m, making only 23 appearances due to a hamstring injury which ruled him out for five months.
Despite his poor start to life in Spain, Barcelona manager Ernesto Valverde is understood to be keen on keeping the forward at the Nou Camp.
Speaking in May, the manager told reporters as quoted by the Express: "Dembele is a player with a lot of talent, great technique, can use both feet, he's quick, he's got that spark, he unbalances defences. We think he can help us. He's very young and he has a lot of time head of him still."