Gunners have been scouting the German for some time now.
Arsenal head coach Arsene Wenger is understood to be willing to fork out as much as £30m in order to lure highly rated Schalke 04 midfielder Julian Draxler to the north London club, according to reports in German sports daily Bild.
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The Premier League leaders have reportedly been keeping close tabs on the in-demand Germany international for some time now, with rumours rife of late suggesting that the Gunners would attempt to land Draxler during the current January transfer window.
However, as yet there has still been no sign whatsoever of the north Londoners making a move for the player, although reports now coming out of Germany do suggest that the experienced Arsenal boss is prepared to pay as much as £30m in order to be able to land Draxler.
The 20-year-old is currently contracted to Schalke until June 30 2018, while it is also believed that the German may have a buyout clause in that deal that is worth as much as £37m.
Draxler, who has been with the Bundesliga outfit for his entire career to date, has made 133 appearances for his side in total in all competitions, scoring 26 goals in the process.