Ramsdale has lost his spot in the Arsenal team to David Raya and is unhappy playing second fiddle at the Emirates.
The shot-stopper wants game time and Newcastle have been strongly linked with wanting him following a big injury to Nick Pope.
Pope could miss the rest of the season and Newcastle are tipped to be in the market for another goalkeeper in next month’s window.
However, Arsenal are not prepared to sanction a loan exit for Ramsdale and would only accept a permanent offer.
The fee would also need to be at a level that Arsenal would be happy with.
Whether Newcastle would be prepared to splash the cash on Ramsdale when Pope will be due back after his injury is unclear, but Eddie Howe will want to keep his side’s push for another top four finish on track.
Newcastle hosted Arsenal in the Premier League last month and edged a 1-0 win over Mikel Arteta’s side.