The Gunners have until 11pm tonight to complete deals with Alexis Sanchez’ move to Manchester City also hanging in the balance.
Pep Guardiola’s side have come in with a new £55m bid for the Chilean but Arsenal have told them they won’t sell unless they bring in a replacement first.
The Mirror claim the Gunners are not confident of getting a deal done for either Lemar or Draxler though.
Monaco could be tempted into selling their forward for £90m with Liverpool also said to be interested.
Draxler is also a long-term target for Arsene Wenger’s side and has fallen down the pecking order at Paris St-Germain following the arrival of Neymar.
The Arsenal boss is currently in France as he gets set to work as a pundit for his country’s international match with Holland this evening.
The Gunners have bought Alexandre Lacazette and Sead Kolasinac this summer so far.
But a number of players have left with Alex Oxlade-Chamberlain leaving for Liverpool earlier today and Sanchez still keen on a move away from the Emirates.
Arsenal are looking for reinforcements following their humiliating 4-0 defeat to the Reds last time out in the Premier League.
The Gunners return to action after the international break against Bournemouth.
