Sky Sports News in Germany reported Draxler is likely to move to the Premier League, with the Gunners and City mentioned as suitors.
However, Draxler's representative told Bild: "There is nothing to it. Top English top clubs have been interested in Julian for years but at the moment there is nothing specific. Julian has to regain full fitness first."
Draxler's contract runs until 2018 and contains a €45 million release clause.
The 21-year-old has yet to complete a full 90 minutes since tearing a tendon in his thigh in October.