Breaking: Arsenal has put a “Whooping price tag” on Aaron Ramsey for January

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Aaron Ramsey is set to leave Arsenal at the end of the season after talks over a new contract collapsed.

Sportsmail understands that despite months of talks over an extension, as it stands, there is no new offer for Ramsey on the table. It means Arsenal are in line to lose one of their leading players for nothing next summer.

Ramsey, it is believed, was preparing to commit himself to fresh terms, with the club confident of reaching an agreement with the midfielder.

But over the past few weeks there has been an unexpected change in mood which has led to the break down of negotiations.

As it stands, despite having just nine months left on his contract, there is no offer for Ramsey to sign.

The news will alert a host of clubs across England and Europe, with Ramsey set to be available on a free transfer next summer — which will make him one of the most sought after players on the market ahead of next season.

Chelsea, Manchester United and Juventus have all be credited with an interest in the Wales international.

Ramsey has been asked to play in several different roles by manager Unai Emery this season. Indeed, Emery confirmed earlier this season that Ramsey had gone in to see him to discuss his position in the manager’s plans.

The Gunners are in the midst of a drive to reduce the club’s huge wage bill — but it is unclear whether budgetary constraints are playing a factor in this instance.

Ramsey currently earns in the region of £110,000-per-week but should realistically expect an improved offer given his standing as one of the club’s most important players.