But following the arrival of Draxler's Germany team-mate Mario Gomez, Wolfsburg could be ready to let their man go.
The Gunners have been chasing the versatile forward for some time with Wenger keen for further transfer business this summer.
Defensive reinforcements are also wanted amid Arsenal's current injury crisis, with Shkodran Mustafi still their top target.
In attack though, it is claimed with Simone Zaza also close to signing for Wolsburg, the club would be willing to cash in on Draxler following his £31m arrival from Schalke last August.
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