The attacking midfielder has completed his move, with Horst Heldt insisting it is the biggest transfer fee the Gelsenkirchen side have ever received
Wolfsburg have completed the signing of Julian Draxler from Schalke.
The 21-year-old attacking midfielder joins as a replacement for Kevin de Bruyne, who left for Manchester City on Sunday.
Germany international Draxler had been the subject of interest from Juventus throughout the summer, but the Serie A side failed to match Schalke's asking price and the deal collapsed.
Following De Bruyne's £55 million move, Wolfsburg have acted quickly, splashing out to sign the World Cup winner on a five year contract.
"Wolfsburg is a new challenge for me," Draxler told the club's official website. "I want to continue to play top level football. Wolfsburg offers me an excellent perspective and has an extremely strong team.
"I look forward to the playing in the Champions League with the team and will play for the title here over the coming years."
While the two sides have refused to reveal the transfer fee, sporting director Horst Heldt insists is that it is the most the Gelsenkirchen club have ever received for a player.
“There are two reasons for our decision to accept Wolfsburg’s offer," he told the club's official website. "We will not be disclosing information about the transfer fee, but we can say that it is the biggest amount we’ve received for a player at Schalke.
"Moreover, we have complied with Julian’s desire to move to another club.
“At the end of last season, Julian came to me and expressly said that he wanted to leave the club. I told him that we would consider any offers that came in for him, but I also tried to convince him until the end to stay in light of the new sporting direction that we’re now taking.
“It was clear for us that we would only agree to any transfer if the offer matched our valuation."
As well as the signing of Draxler, Wolfsburg also confirmed that Dante has joined from Bayern Munich on a three-year deal.