0703 GMT January 26, 2020
A statement from the Bundesliga club said an agreement had been reached for Draxler to join PSG on a four-and-a-half-year contract subject to a successful medical, skysports.com reported.
The Germany midfielder had previously attracted interest from Arsenal and Liverpool.
Wolfsburg's head of sport Olaf Rebbe said, "We have had intensive and constructive discussions with Julian Draxler and his management as well as with Paris Saint-Germain in recent days and finally achieved a very good result for all sides.
"We are delighted that we have succeeded so quickly and wish Julian in Paris both privately and professionally all the best."
Manager Valerian Ismael said, "Of course, I regret the departure of Julian because he is an outstanding footballer, but I think that this step is the right one for all sides."
Draxler joined Wolfsburg from Schalke in 2015 and scored five goals in 34 league games for the club.