The Germany international has been heavily linked with a move to the Premier League, with suitors allegedly ready to meet the player's £40million buy-out clause.
Gunners boss Arsene Wenger has been credited with an interest in bringing Draxler to the Emirates Stadium, with the Daily Star reporting over the weekend that the Frenchman will attempt to negotiate a deal before the transfer window closes.
Manchester United have also been mooted as admirers of the 20-year-old, with David Moyes on the lookout for creative midfield reinforcements at Old Trafford this month.
However, the Red Devils are priced at 9/1 by SkyBet, behind Chelsea (8/1) and Bayern Munich (13/2), who appear to be Arsenal's biggest rivals in the race to secure Draxler's signature.
The Bundesliga star still has four years to run on his existing deal at the Veltins-Arena, but has made no secret of his desire to join a leading European club.