The highly-rated midfielder has been the subject of a bidding war between the Gunners and Bayern Munich, who agreed a deal or Mario Goetze last week.
The club's general manager Horst Heldt denied the existence of a buy-out clause for Draxler, saying it would take a bid of £85m to bring them to the negotiating table.
He has dismissed claims of a move to Dortmund and told German magazine Kicker: "Some of the rumours have been taken for face value, which has made me sad.
More Info: FC - Aarhus GF Randers - Danish Superligaen
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