Arsenal are ready to sell Aaron Ramsey in January, after talks over a new deal floundered and Real Madrid could make a shock move for his signature.

The Welsh star is out-of-contract at the end of the season, and whilst Arsenal would ideally like him to prolong his stay – they would be loathed to lose him for nothing at the end of the season.

Talks are set to continue – but sources close to Ramsey and Arsenal, believe that there could very well be a parting of the ways.

AC Milan, who will soon have Arsenal’s chief executive Ivan Gazidis at the helm, are leading the charge and are ready to offer him a pre-contract in January with the hope of them taking him on a permanent basis.

However, sources have told me that Real Madrid are also keeping tabs on the 27-year-old and they have asked his good friend Gareth Bale – already at the Santiago Bernabeu about him.

I am told Manchester City are also very much keeping an eye on Ramsey’s situation – having seen deals for Fred and Jorginho fall through in the last 10-months, they still need midfield reinforcements and Ramsey could fit the bill and they will consider joining any bidding for his signature.

Manchester United, Liverpool and Chelsea are also known to be keeping a close eye on the situation.

Arsenal already have targets in mind to replace him with head of football Raul Sanllehi and head of recruitment Sven Mislintat working with head coach Unai Emery about possible replacements.

Bookmakers believe that Ramsey could be on the move, and AC Milan are indeed seen as favourites.

Alex Apati of Ladbrokes said: “Ivan Gazidis’ decision to leave Arsenal for AC Milan forced us to slash odds on Arsene Wenger following suit. And the domino effect may well reach Ramsey when the transfer window reopens, with contract talks reportedly breaking down with the Gunners.”