Two days before his 18th birthday, Smith Rowe curled Arsenal's equaliser from the edge of the box in a 1-1 draw, before Diego Simeone's Atletico edged the shoot-out 3-1 in the International Champions Cup.
"I'm not sure exactly (when a new contract will be agreed) - it's taken a bit of time so far so we'll have to wait and see".
Emery was appointed as Arsenal head coach in May
Before this development, Italian Serie A club, Lazio were ready to match the £22million worth of the Nigerian forward. For me, he's a very good person, a very good professional and he has a lot of experience in the football world.
With the scores tied at 1-1, it took penalties to separate last year's Europa League semi-finalists, with Ainsley Maitland-Niles the only Gunner to score as Adan earned the plaudits.
The Wales worldwide, who joined the club in 2008, is in the final year of his contract.
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'This is the moment for young players to show their quality, like Emile has done today, ' he said. The club's previous captain, Per Mertesacker, retired in the summer so the position is vacant, and Emery believes Ramsey has the credentials to be a contender for one of the five roles on offer.
Summer signing Bernd Leno should get another chance to impress while Aaron Ramsey will look to put his contract situation to one side and should start in midfield.
Despite Arsenal's loss here there were positives for Emery, with the performance of Emile Smith Rowe a particular highlight.
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Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. He added: "I appreciate the fact that they realize the farmers are being hurt by this, but this is not the right remedy".
"Then they are improving every day in the training sessions". History has showed that Arsenal always gave opportunities to young players. "But what is important for us is that every player keeps working".
However, the 29-year-old's high £35 million (Dh120m) release clause could prove problematic in the north London side's attempts to get the deal over the line.
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