But Arsenal will now have as little as £40million to splash out on new faces.
And TNT Sports claim that the north London giants are looking in the South American market to replace Ramsey.
Three players are in their sights - with two of them plying their trade in Argentina with Boca Juniors.
Those players are Nahitan Nandez and Emanuel Reynoso.
Nandez has recently been linked with a move to Championship outfit Leeds United but, with Arsenal now keen, he could make the move to north London instead.
Emanuel Reynoso, meanwhile, has impressed for Boca this season.
Arsenal transfer news: Unai Emery is looking to replace Aaron Ramsey this summer (Image: GETTY)
Arsenal transfer news: Aaron Ramsey may be replaced by Boca Juniors duo Nandez and Reynoso (Image: GETTY)
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“We are in one process and we need, in this process, to be strong in our idea, to be strong in our way.
“It’s the reason we started this season. The idea was to get more competitive like a team, be closer to other teams, and we did that. At the moment, it’s not enough for our target, but the next week and next year that idea will continue in our minds.
“I don’t know our targets for next year, but the club is working to improve and do everything in our way.
“We have a lot of players who have the possibility to improve and grow up with us. For example, we have given a lot of youngsters their first experience of a final.
“I am positive for our future, creating our way with young players who are getting better in our way.”