The 20-year-old, who has over four years left on his current deal with Schalke, has previously insisted he would not be leaving the club ahead of the World Cup finals.
Chelsea are reportedly long-time admirers of Draxler, however it has been claimed that Arsenal were readying a £37million (€45.5m) which would trigger his release clause.
And speaking in German daily Bild, Schalke general manager Horst Heldt admits they could not stand in his way if a bid did meet his buy-out clause.
"We are still hopeful Julian (Draxler) is to stay on at our club," said Heldt. "However, there are certain arrangements we cannot change!"
Reports in Germany have claimed that Schalke's interest in re-signing Lewis Holtby from Tottenham could stem from the fact they fear losing Draxler this month.
Bayer Leverkusen's Sidney Sam - who has already agreed to join Schalke this summer - is seen as the long-term replacement for Draxler.