Ex-Liverpool star and Champions League winner, Dietmar Hamann acknowledges Draxler's talent but believes he is the wrong type of player for the Gunners.
According to Steve Morgan's report in The Daily Star, Hamann noted, "Draxler is exceptionally talented and is scoring a lot of goals. But he is an attacking midfielder and what they need is a centre-forward."
Arsenal fans may well recall when Thierry Henry first came to the club in 1999—signed from Juventus as a winger. It didn't take Wenger long to convert the Frenchman to the finest centre-forward the club has ever had.
With the talent already in place at the Emirates, and a studious purchase or two here and there, Henry believes it could be Arsenal's time again:
He [Wenger] changed the philosophy of the club and won stuff as soon as he arrived. They have had a great start to the season and I hope they can keep it up.
I would be really happy if they won the title.
So how would the arrival of Draxler impact the Premier League leaders.
John Cross of Mirror Football sees the potential of turning the German into a centre-forward, identifying a similar skill set to Robin van Persie, who also came to Arsenal predominantly as an attacking midfielder but departed to Manchester United as goalscorer supreme.
Draxler certainly has the footballing intelligence to make his mark centrally, either alongside Olivier Giroud or in place of him.
If required, he can revert to fill in for the injured Theo Walcott out wide of course, but Wenger sees the potential for goals in the same way he did with Henry and van Persie, and with his track record, who are we to argue.
It's about talent and quality and at the moment, the talent is produced in Germany so we are, of course, interested where the talent is.
At the moment, Germany produces top level players.
We are interested in good education and top level players and at the moment Germany produce that.
Draxler has four goals and five assists in 18 appearances this season, as per WhoScored.com, from an attacking midfield area. Despite playing far more minutes this season, Walcott (from a similar position) only has a slightly better average, via WhoScored.com.
Further, there is no particular weakness to the German's all-round game. Sky Sports described the player as:
Elegant and graceful, but equally explosive and full of pace - Draxler is a prodigious talent.
At home on the left wing - he can play anywhere across the front-line - and can be devastating in any role.
His pace sees him move effortlessly across the ground and he has a very good cross on him - although he loves and is very adept at picking a pass when breaking in field.
However, more than anything Draxler loves to shoot and he has reason to as he has stunning finishing ability - especially from range, and although left-footed can also hit them with his right.
Wenger has been criticised for his previous lack of activity in the transfer market, but he likes to choose his signings wisely.
Draxler could well be his jewel in the crown.