It has been reported that the Spaniard has put pen to paper on a new two-year deal for around €2.5 million a season.
The contract has a bilateral clause which will allow Emery to leave at the end of the 2015-16 season, according to the report.
This is an increased offer for the former Valencia and Almeria coach, who has led Sevilla to back-to-back Europa League triumphs in the past two seasons.
The latest development will come as a blow to West Ham, who are keen on securing the services of Emery, according to The Independent.
The Hammers are looking for a new manager after deciding not to renew the contract of Sam Allardyce.
The 43-year-old Emery is a candidate for the managerial job at Boleyn Ground, but it now seems that Premier League outfit will have to look elsewhere.