Arsene Wenger’s side looked disjointed and toothless in its 2-0 opening weekend loss to West Ham United on Sunday, and Metro reports the North London giants are keen to make a stunning swoop on the Bundesliga.
Petr Cech has been the Gunners’ only major summer signing so far, and Arsenal’s reported chase of Real Madrid star Karim Benzema is yet to yield any results.
Metro reports that Arsenal remain in the market this summer and will attempt to make moves for the World Cup-winning duo.
Draxler has been linked with a move to Serie A giants Juventus, however Arsenal now have the financial clout to outspend the Italian club.
Bayern Munich are understood to be desperate to keep hold of Gotze, though there have been rumours of a fallout between the player and manager Pep Guardiola.
According to Metro, Arsenal would have to stump up at least £86.6m to sign both players.