Newcastle has reportedly made former Arsenal boss Emery its number one target to succeed Steve Bruce after the club's takeover by Saudi Arabia's Public Investment Fund (PIF).
Premier League outfit Newcastle, also been linked with former Bournemouth manager Eddie Howe, is understood to want Emery in place for Sunday's (AEDT) game against Brighton and Hove Albion.
Villarreal president Fernando Roig told Spanish broadcaster A Punt Media that Emery is "very happy" at the LaLiga side and Europa League champion, but conceded it would not be its decision should Newcastle pay his release clause.
Emery had said that he did not know anything about the potential move, however, added after Wednesday's (AEDT) 2-0 Champions League win over Young Boys that contact had been made.
"The truth is that they have shown an interest in me, but I have no further news," Emery said during his post-game news conference. "There is no offer. There have been no more steps.
"I am focused on Villarreal. It will have to be a contact between clubs. My idea is to be here on Sunday."
It has been reported Newcastle will pay the stipulated €6million release clause on Wednesday, although Emery would not be drawn on the speculation.
"Well, first I would talk to the president. I neither close the door nor open it to Newcastle," said Emery, who won three successive Europa League titles with Sevilla before leaving for Paris Saint-Germain in 2016.
"I have not said no, but I would discuss it with Villarreal. I am very grateful. I cannot say anything more. We have already talked about noise. The first one who is uncomfortable is me, but we have been focused on the game."
Emery led Villarreal to last season's Europa League crown, beating Manchester United in a marathon penalty shoot-out in the final, earning the Yellow Submarine qualification for this term's Champions League.
Villarreal is13th in LaLiga, having managed one point from its past four league games, while it sits second in its Champions League group with seven points, behind Manchester United on head-to-head.
