Arsenal midfielder in talks with top European clubs

Arsenal midfielder Aaron Ramsey will in January hold talks with five of Europe's leading clubs ahead of his move away from the Gunners when his contract expires next summer.

The 28-year-old Welshman is eligible to negotiate and sign a pre-contract agreement with foreign clubs from 1 January, prior to leaving the Emirates Stadium as a free agent when his current contract finishes on 30 June.

Ramsey will consider moves to Juventus, Paris St-German, Bayern Munich, Inter Milan and Real Madrid.

Contrary to several reports, he has not yet made a decision.

The Wales international was in discussions with Arsenal over an improved four-year contract, but the deal was withdrawn in September, mainly for football and financial reasons.

Aaron Ramsey might have been open to leaving in January, however Arsenal feel his relative importance to the squad for the rest of the season is greater than what they could recoup through a transfer fee and salary savings.

Potential suitors are not willing to pay Arsenal the sort of money that would tempt the Gunners to part with their longest-serving player mid-campaign, rumoured to be around £40m.

Having joined Arsenal from his hometown club Cardiff City for £4.8m in 2008, Ramsey has scored 60 goals in 352 appearances and won the FA Cup in 2014, 2015 and 2017.

With no major players expected to depart in January and huge investment in new signings and contracts over the past year, Arsenal do not have significant funds to spend in the upcoming transfer window.

Any permanent signings, loan fees and salaries will be drawn from a modest budget and hence loan deals are more probable, with out-of-favour Barcelona midfielder Denis Suarez, 24, among the players under the radar. But, that budget is likely to increase substantially in the summer.

There have been considerations on recalling defender Calum Chambers from Fulham and winger Reiss Nelson from Hoffenheim, both on loan spells. but with Chambers the chances are remote because breaking his season-long deal would incur a fee, while there is reluctance to disrupt Nelson's progress in Germany.

There is no much indication Arsenal owner Stan Kroenke will inject any of his personal wealth, which tallies with the club's managing director Vinai Venkatesham reaffirming their commitment to a "self-sustaining business model" during an interview with the BBC in October.

Kroenke providing external revenues for player recruitment could also raise potential issues with Arsenal's ability to comply with football's Financial Fair Play rules and Premier League regulations limiting how much a wage bill can be increased year on year.

In addition, the club are said to be realistic about their current capabilities relative to those of rival clubs. This partly defines their commitment to young players development and confidence in the talent coming through.

Although Saturday's 5-1 loss at Anfield saw head coach Unai Emery and the club hierarchy criticised heavily in some quarters, there is also an internal belief that they are moving in the right direction after a tumultuous period which saw Arsene Wenger leave as manager after 22 years in charge and numerous staff and structural changes behind the scenes.

Conclusively, there could be more to come, with the appointment of a technical director possible, while Unai Emery will be given enough time to implement his vision and mould a team over the course of several transfer windows, in a similar way to how Liverpool have developed since Jurgen Klopp arrived in October 2015.