Arsenal midfielder Aaron Ramsey will hold talks with five of Europe’s leading clubs in January ahead of leaving the Gunners when his contract expires next summer.

The 28-year-old is able to negotiate and sign a pre-contract agreement with foreign sides from 1 January, prior to exiting the Emirates Stadium as a free agent when his current deal finishes on 30 June.

Ramsey will consider moves to Bayern Munich, Inter Milan, Juventus, Paris St-Germain and Real Madrid.

Contrary to some reports, he has not yet made a decision.

The Wales international was in discussions with Arsenal over a new four-year contract, but the offer was withdrawn in September, mainly for football and financial reasons.

Ramsey might have been open to departing in January, however, Arsenal feel his relative value to the squad for the rest of the season is greater than what they could recoup through a transfer fee and salary savings.

Potential suitors are now unwilling to pay the sort of money that would tempt the Gunners to part with their longest-serving player mid-campaign, thought to be around £40m.

Having joined from his hometown club Cardiff City for £4.8m in 2008, Ramsey has scored 60 goals in 352 appearances and won the FA Cup in 2014, 2015 and 2017.

With no major departures expected in January and heavy investment in new signings and contracts over the past year, Arsenal do not have significant funds to spend in the upcoming transfer window.

Any permanent acquisitions, loan fees and salaries will be drawn from a modest budget and therefore loan deals are more probable, with out-of-favour Barcelona midfielder Denis Suarez, 24, among those under consideration. That budget is likely to increase substantially in the summer.