Ramsey was, arguably, the Gunners’ top performer in 2013/14, with his bustling displays having sparked Arsenal’s title push.
The Londoners’ drop off coincided with the 23-year-old’s injury absence, before his return over the course of the last few weeks helped to ignite the club’s push to end their nine-year silverware wait.
His performances have now alerted Bayern chief Pep Guardiola, who is known to be a long-term admirer of Ramsey.
The Spaniard is said to have attempted to snap him up while in charge at Barcelona and has maintained an interest in his development.
Ramsey himself is said to be settled at the Emirates Stadium and is ready to show loyalty to the club after they stuck by him through his horror leg break against Stoke in 2010.
But that may not deter Bayern, who are currently, arguably, European football’s top force despite a late season drop in form.