Sanchez's contract at the Emirates Stadium is set to expire at the end of the 2017-18 season, and from January he will be permitted to discuss terms with potential suitors with a view to a summer move.
"But boss Arsene Wenger is understood to be seriously considering a swap deal with PSG, having been a longstanding fan of 24-year-old German Draxler," David Woods of the Daily Star reported. "And the French giants are believed to be tempted by the idea, even though Draxler only joined them in January."
Football365 suggested the deal would be a good one for the Gunners:
As noted in the report, Sanchez is almost certain to decline any new contract offer from Arsenal and has also attracted interest from Manchester City—who came close to landing him in the summer—and AC Milan.
With a departure seemingly inevitable, Arsenal would surely jump at the chance to negotiate any deal that involves a player exchange. And in Draxler, they would secure a player who operates in a similar role to the Chile international.
While Sanchez didn't get a move to City in the summer, he's slowly started to find form for Arsenal again. Per Squawka Football, he was excellent in the 2-0 win over Brighton & Hove Albion on Sunday, setting up Alex Iwobi's goal with a sublime backheel:
With no sign of a new deal on the horizon, though, it appears Arsenal fans should be enjoying the former Barcelona man while they can. His mercurial talent, raw determination and irrepressible work rate make him a force of nature in the final third.
Draxler has the natural talent to go some way towards filling that particular void if he were to come in at the Emirates Stadium. He typically starts on the left flank, is quick and skilful, and is capable of making big contributions in the final third.
With Neymar and Kylian Mbappe joining Edinson Cavani at the Parc des Princes in the summer, the German's position in the team is under threat. However, he offered a reminder of what he can bring to the side on Saturday with a stunning goal in the 6-2 win over Bordeaux.
As noted by Goal, when asked about his position in the team recently, the former Wolfsburg man was adamant he would fight for his place:
With so much attacking talent at their disposal, it would be a surprise if PSG made a sustained move for Sanchez in January. Mbappe, Neymar and Cavani have linked up sensationally so far this season, and while the Arsenal man would offer another tremendous attacking dimension, there are other areas of the team that manager Unai Emery will be keen to bolster.
Given Draxler only joined the club in January 2017, exchanging a player tied to a long-term deal for one whose contract is about to run out wouldn't make too much sense for PSG. After all, if they want Sanchez, there's little the Gunners can do to stop the Ligue 1 giants agreeing a pre-contract with him in the new year.