The Bundesliga club thus confirmed information released on Friday by German newspaper Bild, which reported that the French team had signed the 23-year-old player until 2021 for around 40 million euros ($41.8 million), plus variable clauses, reports Efe news agency.
The two teams have decided to keep the financial details of the transfer secret, while the German international is set to undergo a medical test to fulfill the deal.
"We've had some very intense but constructive discussions with Paris Saint-Germain, Julian Draxler and his management over the past few days and we're confident to have reached a satisfactory conclusion for all parties," Wolfsburg sporting director Olaf Rebbe said on Saturday.
Despite losing one of its stars, the deal is positive for Wolfsburg, which pocketed a significant amount of money at a difficult time on the financial level.
Wolfsburg head coach Valerien Ismael commented that he was "sad" about the departure of Draxler, who he said was "an outstanding" soccer player.
Ismael, however, wished the German midfielder good luck with his new team.
Draxler joined Wolfsburg from Schalke 04 in late 2015 after signing a contract until 2020.