According to L'Equipe (h/t Metro), the Gunners have been in touch with the Ligue 1 outfit to sound them out over a potential move this winter, having been periodically linked with the Germany international for several years.
French football writer Matt Spiro reported in the summer PSG were open to selling Draxler:
After the summer arrivals of Kylian Mbappe and Neymar, his place in the team came under threat.
The 24-year-old has started eight games for Les Parisiens this season but has completed 90 minutes on just half of those occasions, and he has often been played out of position as part of PSG's midfield three.
While Draxler, who typically operates out wide or as a No. 10, has adapted well to his new role, manager Unai Emery believes he has room to improve, per Goal UK:
At Arsenal, Draxler would be afforded a key role, all the more so as Mesut Ozil and Alexis Sanchez appear set to leave either in January or next summer when their contracts expire.
ESPN FC's Mattias Karen would welcome him at the Emirates Stadium and noted the knock-on effect his arrival might have:
The German does not appear too keen on leaving the Parc des Princes so soon after arriving, though, having only joined the club in January.
Per the Mirror's Alex Richards, Draxler said: "I am not thinking about leaving the club in winter or even in the summer. I am right in the middle of the season with PSG and solely concentrating on our big targets. Now is not the relevant time to think about my immediate or near future."
While Draxler won the Coupe de France and Coupe de la Ligue with PSG last season, he'll no doubt have had ambitions of claiming much more silverware when he joined, not least of all Ligue 1, which the club missed out on for the first time since 2012.
As such, he's likely to resist any attempts to prise him away from the French capital for the foreseeable future, even if his playing situation could be better.