The German has missed the Gunners’ past two matches – against north London rivals Tottenham and Premier League giants Manchester United – with a back spasm, but returned to training this week.
Emery guided his side to victory over Spurs without the World Cup winner last weekend before taking a point from Old Trafford.
On Ozil’s possible return, Emery said: “This morning he worked with the physiotherapist on the pitch, running and touching the ball. [Friday] will be the decision.”
Emery took the reins from Arsene Wenger at Arsenal after 22 years in the summer and was tipped to start slowly.
But so far the Spaniard has proven to be a shrewd appointment and is enjoying his first season in England, with his side sitting fifth in the table.
“I’ve learnt in the Premier League that every team has good players, good organisation, good possibilities in the 90 minutes against every team,” Emery added.
“On Saturday, the first thing is a very big respect, more than Manchester United, more than Tottenham, because we need a high level in our performance to win against them.
“At the beginning, sure we need a high level individually and collectively. I told you at the beginning of this press conference, on Tuesday against Bournemouth, they played a very good match.
“Also they won at [Wolves] in the last match away. On Saturday, they are going to push a lot and [will want] a surprise.
“We are very convinced in our way – work, prepare, respect, push with our supporters at the Emirates and feel the spirit with them.”