The Wales international has less than 12 months to run on his current deal to raise the possibility of the versatile midfielder leaving for nothing next summer.
Ramsey has been linked with a potential move to Chelsea FC and Liverpool FC in recent months, as well as FC Barcelona throughout the summer transfer window.
The Welsh star has been in negotiations with Arsenal over a new contract and the 27-year-old has made an impressive start to the current Premier League campaign.
Ozil became the best paid player in Arsenal’s history back in February after the German playmaker put pen to paper on a deal thought to be worth around £350,000.
Former Chelsea FC defender Townsend believes Ramsey is unwilling to sign a contract worth a fraction of the deal that Ozil is on considering the World Cup winner’s unconvincing performances.
“It’s a factor,” Townsend told Sky Sports. “They’re all big boys, and know certain players will get a lot more than others.
“That’s the same at any club, but when you’re in virtually the same position on the pitch, he’s probably thinking that if they’re paying Ozil that amount, he will never be in a stronger position than he is now in terms of age, experience and everything else, and sometimes you have to stand firm.
“Aaron’s never been blessed with great pace, he’s 27 and at the peak of his powers, he’s not going to get any quicker, and he might not get a tremendous amount slower. He’s that sort of player.
“He’s as productive as Ozil, I think, and if I was Ramsey right now and I was getting offered a third he’s getting, I wouldn’t take it either.”
Ramsey has made two assists in five games in the Premier League so far to make a decent start to life under Spanish head coach Unai Emery.
The Arsenal star moved to The Emirates from Cardiff City in 2008.
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