The Gunners are in the market for a new number one this summer to provide more competition for German stopper Bernd Leno.
The Magpies were unwilling to offload the goalkeeper in such a deal, though they may be tempted to sell if they received a cash offer which is too good to turn down.
Arsenal are set to enter talks with Steve Bruce's side soon and are hoping to negotiate a fee significantly lower than Ramsdale's valuation.
Woodman is in contention to start for Newcastle in this weekend's Premier League game against West Ham United, as Karl Darlow has contracted coronavirus while Martin Dubravka is ruled out injured. body check tags ::