The paper reports that Arsenal are desperate to tie up a deal before Friday's deadline, and Draxler remains their overriding priority for the next three days.
But it could go right down to the wire on Friday as the two parties are still some way apart. The Gunners are thought to be unwilling to match Schalke's £37m asking price for Draxler - a sum that would trigger the player's release clause.
Instead, Arsene Wenger's side have earmarked £25m for the 20-year-old Germany international. Ultimately, it will come down to agreeing a compromise.
The report notes talks are currently taking place in Germany but Arsenal face a race against time to reach a deal before the deadline.
The need has become even more pressing following the news that Aaron Ramsey faces up to six weeks on the sidelines. Mathieu Flamini's red card against Southampton last night also means he'll sit out four matches.
Wenger was expected to be extremely busy this month as Arsenal sought to capitalise on their strong start to the season.
But they're yet to make any new additions in the January window - it could come down to the final hours on Friday, just like this past summer.