Ramsdale spent his first two seasons in North London as Arsenal's number-one goalkeeper, before David Raya arrived on loan from Brentford last summer.
The Spaniard quickly established himself as Mikel Arteta's first-choice option, forcing Ramsdale to spend the majority of the campaign on the bench.
The England international has featured in just 11 competitive matches this season, with only two of those appearances taking place in 2024.
With Arsenal set to sign Raya on a permanent deal, Ramsdale is widely expected to leave the club in a bid to gain regular playing time.
Ramsdale dismiss talk of Newcastle agreement
Earlier on Friday, a report claimed that Ramsdale had already agreed a move to sign for Newcastle ahead of the 2024-25 campaign.
With Loris Karius set to leave St James' Park, it seemed as though Newcastle were on the verge of adding Ramsdale to their current goalkeeping options of Nick Pope and Martin Dubravka.
However, the Arsenal shot-stopper has taken to social media to seemingly laugh off the suggestion that he has reached an agreement with the Magpies.
In a post on X (formerly known as Twitter), the 26-year-old wrote: "News to me [laughing emjoji]".
Ramsdale still heading towards exit
While a deal may not be close, Ramsdale is still expected to leave Arsenal to find another club that will offer him the opportunity to be the number-one goalkeeper.
In addition to Newcastle, he has been linked with Arsenal's London rivals Chelsea as well as Wolverhampton Wanderers, Bayern Munich and AC Milan.
With Ramsdale under contract until at least 2026, the Gunners are expected to demand a £60m fee to part ways with the former Sheffield United goalkeeper.
Ramsdale will be on the bench when Arsenal face Everton in Sunday's crucial Premier League clash at the Emirates Stadium.
The Gunners are sitting in second place and two points adrift of leaders Manchester City ahead of the final day of the Premier League season.