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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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.