It will be a massive blow to lose one of Europe’s top goal-scoring midfielders on a free, and once again the north Londoners' dealings in the market and over contracts will come under the spotlight.
They allowed both Ozil and Alexis Sanchez to get into the final year of their deals, and now they face an even more embarrassing own goal over Ramsey.
Meanwhile, former Arsenal boss Arsene Wenger has turned down offers from China, Japan and France because he is enjoying his new-found freedom after leaving the club last summer.
The 68-year-old, who left the Gunners at the end of last season after almost 22 years in charge, insists he is not retiring from football. But he has made it clear he is enjoying his break more than he expected to and is not in such a rush to get back in.