In~situ acoustic emission monitoring is shown to capture the initiation of shear bands in metallic glasses. A model picture is inferred from stick-slip flow in granular media such that the origin of acoustic emission is attributed to a mechanism of structural dilatation. By employing a quantitative approach, the critical volume change associated with shear-band initiation in a metallic glass is estimated to be a few percent only. This result agrees with typical values of excess free volume found in the supercooled liquid regime near the glass transition temperature.