Despite having spent the previous two seasons as the Gunners' undisputed number one, it has been a different story for the England international during 2023-24.
Ramsdale has been provided with just 11 appearances in all competitions, two of his six in the Premier League due to David Raya being ineligible to face his parent club Brentford.
The 25-year-old has also been given just two starts since the turn of the year, and it is plausible that he will not feature again for the remainder of the campaign.
While Mikel Arteta can currently be satisfied that he has a proven deputy to Raya, who will cost £27m when his permanent transfer goes through in the summer, Ramsdale is unlikely to accept the situation in the long term.
Chelsea, Newcastle 'interested in Ramsdale'
As it stands, there are just two years remaining on Ramsdale's contract, although there is an option for that to be extended by a further 12 months.
With Ramsdale not expected to have any interest in a renewal providing that his situation remains the same, that is Arsenal's best method of protecting his value.
According to the Daily Mail reporter Sami Mokbel, Chelsea and Newcastle are each open to making a move for Ramsdale during the next transfer window.
The report adds that a number of European clubs are also admirers of Ramsdale, who will seemingly have numerous options at his disposal if he chooses to depart the North Londoners.
Are Chelsea or Newcastle realistic destinations?
Both the Blues and Magpies have had to contend with goalkeeping issues throughout the campaign, most notably the latter courtesy of a long-term injury to Nick Pope.
Martin Dubravka has deputised for much of the last five months, but the Slovakia international is now 35 years of age and considering his future at St James' Park.
Meanwhile, Chelsea have had Djordje Petrovic and Robert Sanchez competing for the number-one spot this season, Petrovic only getting his chance due to an injury to the latter.
However, neither stopper has suitably impressed to command the role on a long-term basis and a fresh face between the sticks could arrive before 2024-25.
While Chelsea also have the likes of Kepa Arrizabalaga and Gabriel Slonina on their books, the former is expected to be sold in the summer and the latter again go out on loan.