The same publication ran an exclusive last night claiming Arsene Wenger was ready to meet the release clause of the Schalke starlet in what would be a second big money move in six months at the Emirates.
Those rumours were quashed on Wednesday morning when it was revealed by German sources that Draxler is expected to be out until March after travelling to Munich to seek specialist help on a ruptured tendon.
However, the Daily Mail claims that Wenger has not been deterred by news of the injury and is ready to push forward with the bid despite the injury.
Original reports suggested that Wenger sees Draxler, 20, as an ideal replacement for Robin van Persie, who left for Manchester United last summer.
The German wonderkid has primarily played on the left-wing for Schalke in his career so far but Wenger, who had success in converting wingers Thierry Henry and Van Persie in to strikers, sees Draxler's long-term future as a centre-forward.
Draxler has also been linked with moves to Manchester United and Chelsea in the past but is thought to prefer a move to north London to serve under the guidance of renowned talent-nurturer Wenger.