Schalke value Draxler at £34million and the Gunners will face competition from Italian giants Juventus to sign him.
Juventus are reportedly willing to match Schalke’s asking price for Draxler. Draxler signed a new contract at Schalke earlier this year.
Arsenal are reportedly prepared to spend around £30million on Reus, who has been strongly linked with a January move to the Emirates.
The Borussia Dortmund star has a £34million buyout clause in his contract.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.