With Mesut Ozil and Alexis Sanchez most likely taking up two of Arsenal's three attacking midfield positions, Draxler would fight it out for a final position with the likes of Theo Walcott, Alex Oxlade-Chamberlain and Danny Welbeck, amongst others.
Gunners boss Wenger has a long standing interest in 22-year-old Draxler and the German worldwide could solve Arsenal's search for a forward.
Draxler only joined the German club from Bundesliga rivals Schalke last summer but, after a decent debut season, he is already eyeing a move away to a bigger team.
Draxler has always been linked with a move to the Premier League and the Express reported earlier this month that Arsenal and Manchester United were among the clubs showing a keen interest in signing the attacker.
The Frenchman has been heavily linked with a move to Old Trafford in recent weeks.
"Draxler's agent has been in contact with Wenger though".
Wenger has cash to spend but reports claim he is not willing to go that high and Draxler may have to stay where he is unless Wolfsburg lower their valuation.
Searching for a central striker to vie with Olivier Giroud, 29, in the starting line-up, the north London club are also in talks with Lyon over Alexandre Lacazette, 25.
Arsenal would prefer a more natural, central striker as Draxler plays behind the front line but Wenger has been convinced in the past that he could operate through the middle.