Arsene Wenger has been on the lookout for a top class striker throughout the January transfer window but has yet to find what he is looking for.
Reports emerged earlier this month that Wenger sees Draxler, who primarily plays on the left-wing, as a future centre-forward and is keen to add him to the Arsenal ranks this month.
Despite denials from the Arsenal boss, Goal believes that the Gunners are still pursuing the 20-year-old and will look to agree a deal for as much as £30m. However, Schalke, keen to keep Draxler at the Veltins Arena until the summer at least, will insist Arsenal meet the release clause of £37.2m.
If Arsenal fail to wrap a deal for Draxler this month, it is reported that Wenger has a back-up loan signing to see the team through the rest of the season.
Once officials have spoken to Schalke, they will move to Frankfurt to attempt to agree a deal for £7m-rated right-back Jung.
Arsenal are growing less and less confident that Bacary Sagna will sign a new deal, meaning he will depart for free in the summer.
That has left Wenger seeking a long-term replacement ahead of schedule and Jung, 23 is seen as perfect for the role. Although not likely to sign in January, initial talks with Frankfurt this month will lay the groundwork ahead of a summer move.