Bellerin is allegedly keen to leave the Emirates Stadium this summer, and PSG are thought to be the favourites to sign the Spanish right-back, who has been with the Gunners since 2011.
According to journalist Duncan Castles, Arteta is open to the former Barcelona starlet moving on and has signalled that the club should attempt to negotiate a swap deal involving Draxler.
"It is our information that Bellerin and his agent have told the club he wants to leave this summer. Arteta has decided we must make the best of the opportunity," Castles told the Transfer Window Podcast.
"The most likely suitors for Bellerin are PSG. And in that being the case, Arteta has told Edu that given the situation it is more viable to trade players, he has asked Edu to discuss the possibility of a swap deal for Julian Draxler."
Draxler's existing deal with PSG is due to expire at the end of June, but the German could pen a new contract at the club in order to protect his value ahead of this summer's transfer window.
The 27-year-old has scored three times and registered two assists in 16 outings this term.