The Germany international only joined the Bundesliga outfit last summer, costing around £25million from Schalke, but has already been linked with a move away.
And bookmakers BetStars have priced long-term admirers Arsenal at 7/4 favourites to land the 22-year-old, with Manchester United just behind at 2/1.
The Gunners' participation in the Champions League is likely to have boosted their chances as United prepare for the Europa League.
Premier League rivals Chelsea (4/1) and Liverpool (12/1) are considered outsiders in the Draxler market, while a Wolfsburg stay can be found at 11/10.
“A great deal of uncertainty surrounds the German international’s future, despite Wolfsburg being keen to keep hold of him this summer,” said a BetStars spokesman.
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Arsenal ahead of Premier League rivals in Julian Draxler pursuit
“With Arsenal moving to 7/4 and Man United at 2/1 to secure his signature, the attraction of Champions League Football could be the decisive factor following Wolfsburg’s failure to qualify for Europe’s top club competition.
"With a potential bid in the offing, a big decision rests on the shoulders of the 22-year-old and we think he’d be an excellent addition to the Premier League.”
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