Chelsea are lining up a shock £35million offer to land Aaron Ramsey, according to reports.
The Welshman has just a year left on his current deal and continues to stall on putting pen-to-paper on a new contract.
It will mean Ramsey, who has been at the Gunners for 10 years, can sign for a foreign club for nothing in January.
And knowing it could the last opportunity for Arsenal to cash in on the midfielder, the Express report Chelsea want to take advantage.
Boss Unai Emery wants to keep hold of the 27-year-old and has already made it fully aware that he will be an important figure under the Spaniard.
He showed his faith in Ramsey by handing him the captains armband on more than one occasion during the club’s pre-season.
Liverpool are also thought to be closely monitoring his situation.
Ramsey did reveal that his agent and the club are holding talks over a new contract but “are yet to come to an agreement.”
He revealed: “We’ll see what happens, but my agent and the club are talking.
“I’m not sure exactly what it hinges on, I’m just leaving it to them to discuss and to figure it out but we are yet to come to an agreement.
THESE ARE THE CHEAPEST PLACES TO BUY FIFA 19 – PICK IT UP HERE:
“That’s something that my agent and the club are discussing to try and get something done.”
Meanwhile Ramsey is in a race to be fit for the Premier League curtain raiser against Manchester City on August 12.
He is struggling to recover from a calf injury he picked up in the warm-up of pre-season penalty win over Chelsea.