The Gunners have reportedly ended contract negotiations with the Wales international after the versatile midfielder failed to agree to a new deal.
Arsenal find themselves in a precarious position with regards to Ramsey’s future as the Gunners play hardball with the 27-year-old.
Ozil is the best paid player at the north London side after the World Cup winner signed a deal worth a reported £350,000 a week in February.
The Welsh star is set to become a free agent at the end of the current Premier League season unless the situation changes.
Ramsey has been attracting interest from a number of the north London side’s Premier League rivals ahead of the summer.
The Gunners have a long history of losing their best players to their title rivals over the past decade.
Both Chelsea FC and Manchester United have been linked with a potential swoop to sign the former Cardiff City star at the end of the season.
Former Chelsea FC defender Townsend believes Ramsey is worthy of a contract worth in the same region as Ozil’s deal.
“Ramsey had a strong season three or four seasons ago,” Townsend told Sky Sports.
“He was well into double figures. He is always chipping away with six or seven goals a season.
“He is easily on a par with Ozil in terms of input. The Ozil deal is factor.”
Ramsey moved to Arsenal from Cardiff City in 2008 after his impressive performances for the Welsh side.
Arsenal’s signing of Ramsey was seen as a big coup after the Gunners saw off competition from their bitter rivals Manchester United.
Indeed, Ramsey claimed that Arsene Wenger’s ability to develop young players was a big pull towards the north London side.
The Welsh star had started six of Arsenal’s seven games in the Premier League this season under Wenger’s replacement Unai Emery before the latest round of fixtures.
The Spanish head coach made a poor start to his Arsenal reign following successive losses to Manchester City and Chelsea FC.
However, Emery’s side bounced back with successive victories over Cardiff City, West Ham, Newcastle United and Everton.
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