According to the Daily Mail, Gunners officials are trying to land the Germany forward.
It is said if Arsenal get the PSG ace, it would edge Alexis Sanchez closer to Manchester City.
Draxler has been a long-term target for the north London side.
And PSG are ready to offload him ahead of tonight's 11pm deadline.
The French giants only signed the 23-year-old in January but have since brought in Neymar and are closing in on Kyllian Mbappe.
Draxler is surplus to requirements as a result, and Arsenal are now pursuing a move.
The Daily Mail add Arsenal chiefs are working on a deal and hope to get it over the line in time.
His arrival at the Emirates would then seemingly allow Sanchez to secure his transfer to City.
A second improved bid is expected today following their first £50m rejected bid.
A fee of £70m could be enough to convince Arsenal to sell, as long as they get Draxler.
