The Gunners have sent a team of officials to Germany in the hope of negotiating a deal for the 20-year-old attacking midfielder before the close of the January transfer window on Friday.
Former Arsenal ace Pires is hoping that Arsene Wenger gets his man as he feels that Draxler would be a fine addition to the Premier League leaders' line-up.
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"When I watch him play, I always think that he fits perfectly with Arsenal's style of football.
"I can see him playing well on the left-hand side or in attack. He could really strengthen the team."
Meanwhile, Pires admitted that he was touched by Wenger's recent statement that he sees similarities between the World Cup winner and current Arsenal star Mesut Ozil.
"It's a huge honour that I'm mentioned in the same breath as Mesut," the now-retired 40-year-old enthused.
"He plays for the German national team, he played for Real Madrid. As a playmaker, he's one of the best in the world."
Pires spent six years at Arsenal during his playing days, during which time he won two Premier League titles and three FA Cups.