Arsene Wenger is keen to land one more attacker with Monaco star Thomas Lemar still his first choice.
However, the French club have been reluctant to sell all summer.
And in the meantime, the Gunners have had to contend with fighting to keep Sanchez.
The 28-year-old has so far refused to sign a new contract, meaning Arsenal currently face losing him for free next summer.
Manchester City, though, are expected to bid for Sanchez before next Thursday’s deadline.
If Arsenal go against Wenger’s wishes and opt to sell, Football London say Draxler could then be chased.
Paris St-Germain have made the winger available following the signing of Neymar from Barcelona.
With Monaco’s Kylian Mbappe still wanted too, Draxler is seen as surplus to requirements, despite only joining from Wolfsburg in January.
Arsenal have held a long-standing interest in the Germany international and are said to remain keen.
However, Football London add a pursuit is unlikely if Sanchez stays.
The Gunners did not rival PSG for Draxler’s signature back in January.
And even now, there is no real need for him with Sanchez potentially staying for this season.
A bid, though, of around £70m may tempt Arsenal into selling as Mesut Ozil and Alex Oxlade Chamberlain’s deals are running down too.
