Talks between Ramsey and Arsenal over a new contract have broken down, according to Sky sources.
Juventus, Milan, Chelsea and Liverpool have all been linked with a move for the player in the past.
The 27-year-old could be sold in the winter transfer window or could leave as a free agent in the summer.
Ramsey has been expecting to sign a new deal, but it has been claimed that the Gunners are not interested in the kind of wages the Wales global would command at the moment as they don't have the spare resources.
Because the football career for the players is very short.
Arsenal lost back to back games to Manchester City and Chelsea FC, before stringing together a run of six successive wins in all competitions under their new boss.
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With Matteo Guendouzi and Lucas Torreira both arriving at the club in the summer, Ramsey has found himself competing with more players for a spot in central midfield, where it looks like Emery has found his flawless partnership between Uruguay star Torreira and Swiss midfielder Granit Xhaka.
"I consider each player an important space in the squad".
"Tomorrow is our focus and I spoke with every player - also with Mesut - about the focus and the concentration to prepare for the best performance tomorrow". "And for Saturday, he's also another player that I can try, to help the first eleven because he's doing very well, with a big commitment", Emery said. "I've said it once: I would love to someday play in La Liga, at one of the greats". "They are professionals for 10, 12 or 15 years, but not more".
This whole situation has turned ugly for Arsenal, who have developed Ramsey for the past decade, since he signed from Cardiff.
Will they pay a fee in January or play the waiting game and leave Arsenal penniless come the end of the season.