German star Julian Draxler
German star Julian Draxler could move to ArsenalGetty Images

Arsenal have stepped up their interest in Wolfsburg midfielder Julian Draxler after comments from the Bundesliga club's sporting director Klaus Allofs that they may be forced to sell. Wolfsburg did not make the Champions League last season and Draxler is willing to move in order to compete in Europe, something which has alerted Arsenal.

The Mirror reports that Wolfsburg value Draxler at around £55m ($73m), which is above Arsenal's valuation of the player, but the recent scenario may force the Bundesliga club's hand in the market. The reports state that their main sponsor Volkswagen are also making cutbacks and the lack of cash from the Champions League may force Wolfsburg to sell Draxler to balance their books.

"Clearly we have a lot to talk about. There were a few issues that have emerged in the past," Allofs said.

The Gunners have already been snubbed in their attempt to sign Jamie Vardy from Leicester City in a bid to lessen their woes up front. The Gunners matched the 29-year-old's release clause but he signed a long-term contract with the Foxes to secure his future at the King Power Stadium. The Gunners are also keeping a keen eye on Gonzalo Higuain from Napoli, whom the north London club tried to sign in 2013, but gave up in a failed pursuit for Luis Suarez.

The north London club have completed only one major signing thus far in the form of Granit Xhaka in midfield while Japanese striker Asano Takuma has been bought looking at the future. Draxler scored five goals and assisted five in 21 appearances last season but has mostly been deployed on the wings or behind the striker. Arsene Wenger is confident that Draxler can play as the sole man up front and is willing to turn him into a striker should they manage to get him at the Emirates.