Ramaj has been a bright point for Ajax in a poor season for the Dutch giants.
Fussball Transfers says Ramaj's form has brought him to the attention of Gunners' scouts.
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Arsenal have the former Eintracht Frankfurt keeper under consideration as a replacement for Aaron Ramsdale, who is set to leave after losing his No1 status to David Raya.
Ramaj moved to Ajax a year ago for 8m and Eintracht Frankfurt hold a 15 per cent sell-on clause.