The 20 year-old German was heavily linked with a switch to the Emirates this summer but Gunners boss Arsene Wenger opted to sign Barcelona star Alexis Sanchez for £30m instead.
Arsenal have had a disappointing start to their Premier League campaign, winning just two of their opening seven games and Wenger is reportedly ready to draft in Draxler to revitalise the injury-stricken squad.
The player who would be most under threat with the arrival of Draxler is fellow World Cup winner Mesut Ozil, who has failed to live up to his £42.5m price-tag since joining last year from Real Madrid.
The playmaker, who has recently been ruled out for three months with injury, has failed to adapt to Wenger’s 4-3-3 formation and will likely be spending more time on the bench with the arrival of the promising young German starlet in January.
By Phil Wellbrook