Arsene Wenger has been monitoring the attacking midfielder for some time, and some reports have gone as far to suggest he will be heading to London for a medical this week.
However, it seems Draxler will be heading to Munich beforehand for treatment on a ruptured tendon that is set to keep him out of action until March.
Arsenal are still prepared to spend big money on the German wonderkid, who they believe can be the club’s next Robin van Persie.
They are prepared to meet the release clause of over £30million for the 20-year-old, who has been identified as a priority signing after an intensive scouting drive.
Arsene Wenger’s staff believe Draxler has the potential to play as a lone centre forward, despite featuring as an attacking midfielder for Schalke.
Arsenal hope Draxler will follow in the footsteps of Robin van Persie and Thierry Henry, who arrived in North London as wingers, but developed into two of the world’s best strikers.
Schalke have admitted they are powerless to stop him leaving, once his 45million euro release clause.