The German forward would add yet more quality to the Gunners frontline, but whose place would be at threat?
Signing a five-year deal on his arrival, the 22-year-old impressed in his first season as he scored nine goals in 34 appearances, including a Champions League brace against Gent in the last 16.
Comfortable on either wing or in his preferred central position behind the striker, the World Cup winner offered a glimpse of his ability at Euro 2016 in a Man of the Match performance against Slovakia.
Already on the score-sheet, he dribbled down the wing in a silky run full of stepovers and shimmies before teeing up Mario Gomez with an inviting cross.
In doing so, he reminded the top clubs in Europe of the ability he offers. And with Arsenal always a likely destination for the talented youngster, a move to the Emirates may not be far off after his latest comments.
Speaking to German newspaper Bild, quoted by the Sun, he said: "The situation with me is that I made it clear to (head coach) Dieter Hecking after we were knocked out of Euro 2016 in the semi-final that I would like to leave Wolfsburg.
Germany's Julian Draxler in action with Ukraine's Yaroslav Rakitskiy
"When I joined, I was assured that I could leave the club whenever the opportunity arose," Draxler said. "It was clear that Wolfsburg had good prospects, but also that they were a springboard for me.
"It was always clear to everybody that I would like to join a top club in Europe, if I were to get the chance."
And with Arsenal failing in moves for Gonzalo Higuaín, Arkadiusz Milik and Wassam Ben Yedder, the trio preferring Juventus, Napoli and Sevilla respectively, that move may come sooner rather than later.
And while Draxler may have played the most part of his career in the three positions behind the talisman, he certainly possesses the attributes to excel as the main striker.
Blessed with raw speed and the ability to run with the ball at his feet, he would keep most defenders second guessing as his two-footedness would prevent them from getting too close. Mixed with ability to strike a ball from distance he would torment any defence. And at 6"2 he would offer height to the attack, an option that Wenger has so often used with Frenchman Olivier Giroud.
However, with 24 league goals in 142 appearances, he is not the prolific goalscorer that Wenger has been chasing all summer.
Perhaps then, he would be better suited playing in a central position behind the leading forward. But that would also seem unlikely as Germany team mate Mesut Ozil has made that spot his very own since moving from Real Madrid for £42 million three years ago.
It is a similar situation for Germany, where Joachim Low has moved Draxler out wide with Ozil being his preferred choice in the number 10 position.
Therefore, it would seem likely that Draxler would be used as winger for Arsenal, in the position that he has enjoyed most success.
The Gunners do not lack options out wide however. Alexis Sanchez is often the favoured choice on the left and a return to the right has been mooted for Theo Walcott, after Sky Sports claimed he told Wenger he does not see himself as a 20-goal a season striker.
With emerging talent Alex Iwobi also pushing for a place in the starting XI, along with Alex Oxlade-Chamberlain, who has been the name of increased speculation, Draxler would not be assured of a starting position under Wenger.
Yet if Arsenal do break their transfer record to sign the young German - presumably his fee would outweigh that spent on Ozil - his name would arguably be one of the first on the teamsheet.
And with the Daily Mail reporting that Alexander Lacazette will be allowed to leave Lyon if their valuation is met, it is not unfathomable to predict an all new Gunners frontline featuring both he and Draxler.
If the two deals were to be concluded, Arsenal could boast of one the most dangerous attacks in the Premier League: Draxler and Sanchez out wide, Lacazette as the striker and Ozil in the hole behind.
Enough to make any defenders wake in a cold sweat...