Recent reports have claimed that Arsenal are weighing up a big-money move for Draxler during this month's transfer window, with Arsene Wenger thought to be a big admirer of the 20-year-old.
Arsenal have held a long-term interest in the German international with Draxler regarded as one the most exciting talents in Europe.
Draxler has over four years left on his current deal with Schalke, but the club have admitted they could not stand in his way if someone meets his buy-out clause which is thought to stand at £37million (€45.5m).
Schalke general manager Horst Heldt said: "We are still hopeful Julian (Draxler) is to stay on at our club. However, there are certain arrangements we cannot change!"
Mertesacker admits he is "excited" to see what happens regards a possible move to bring his fellow German to the Emirates Stadium.
"He is a great talent," Mertesacker told the London Evening Standard. "He has already made a big impact at Schalke and in the German national team, despite his young age. "
"He would be very welcome here. I'm excited to see what happens."
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