Paris St Germain have signed Wolfsburg midfielder Julian Draxler on a four-and-a-half-year deal.

The fee for the 23-year-old has not been disclosed but it is reported to be in the region of €42 million.

Juventus and Arsenal were both linked with Draxler in the summer, with the Bianconeri having been close to signing him when he joined Wolfsburg from Schalke in a club-record deal in 2015.

But Draxler, who had a release clause in his long-term Wolfsburg contract, has instead accepted a deal to join reigning Ligue 1 champions PSG.

Draxler told the club's official website: "It is with great joy and anticipation that I join Paris St Germain.

"For the first time in my career, I'm going to discover a new country, a new league, and I'm very proud to take this new step at a club which has become a benchmark in Europe and has signed a lot of great players in recent years.

"I will do everything to help PSG win new trophies and continue to grow internationally."

Draxler, who was part of the Germany squad which won the World Cup in 2014, made 34 Bundesliga appearances for Wolfsburg, scoring five goals.

"I am delighted to welcome Julian Draxler to the Paris St Germain family," said PSG chairman Nasser Al-Khelaifi.

"The transfer of this highly sought-after Germany international reconfirms just how attractive our club is to the world's most talented players.

"He has all the qualities to play a major role in the club's project and become a fan favourite.

"With the signature of Julian Draxler, we are maintaining PSG's extremely high ambitions, where all our supporters want us to see their club succeed."