The 26-year-old appeared to have secured his position as Arsenal's number one goalkeeper after a £24m transfer from Sheffield United in 2021, making 78 appearances in his first two seasons in North London.
However, the England international has slipped down the pecking order since David Raya joined the Gunners on loan from Brentford. Ramsdale has only made six Premier League appearances for Mikel Arteta's side this season.
After displacing Ramsdale from the Arsenal team in September, Raya has since gone on to win the Premier League Golden Glove award, keeping 16 clean sheets in 31 matches.
Arsenal are expected to make Raya's deal a permanent one in the summer, and it is understood that the club are open to offers for Ramsdale, who still has two years remaining on his current contract.
Ramsdale signed a new contract at Arsenal in May last year, during a period when it appeared certain that he would be the club's number one goalkeeper for the foreseeable future.
Newcastle United looking to bolster goalkeeping options by signing Aaron Ramsdale
According to The Telegraph, Newcastle United are among the Premier League clubs interested in acquiring the 26-year-old shot-stopper and are set to make a £15m bid to bring him to St James' Park in the summer.
The report adds that the Magpies are also willing to offer Ramsdale a five-year contract if he opts to make the switch to Tyneside.
Despite the widespread rumours, Ramsdale appears to have denied the latest speculation by taking to social media on Friday evening to dispel rumours that an agreement had been reached with the Magpies. "News to me," he told his followers on X, formerly known as Twitter.
Ramsdale to replace Dubravka at Newcastle
Should the 26-year-old join Eddie Howe's side, he will be in direct competition with Nick Pope, who has not played since December due to a serious shoulder injury but has returned to the bench in the Magpies' last two games.
Veteran keeper Martin Dubravka has deputised in Pope's absence, with support from Loris Karius and Mark Gillespie.
The impending arrival of Ramsdale will likely mean that Dubravka, who will turn 36 next season, will be allowed to leave Newcastle in the summer.
Arsenal are currently two points behind Manchester City at the top of the Premier League table as we approach the final fixture of the season.
Arteta's side will need to defeat Everton on the final day of the season and rely on London rivals West Ham United to win or draw against City on Sunday in order to secure the title.