Ramsey is free to negotiate with teams overseas from January 1 while he could leave at the turn of the year to a club in England for a cut-price.
The Welshman was expecting to come through negotiations with an improved contract which would see him earn a similar amount to Arsenal's highest-paid player, Mesut Ozil.
The Serie A champions are six points clear at the top of the table in Italy and manager Massimiliano Allegri is a huge fan of 27-year-old Wales global. Of course, yeah. I am contracted to Arsenal and I am going to do my best now this season to try and achieve something special.
"That's all I am concentrating on and giving my best for Arsenal".
BANKSY Self-Shredding Painting Doubles in Value After Selling for $1.1 Million
His art is known to be similar to Banksy's and many have claimed he could be the man behind the can. Its stencil has been repeated in an edition of 150 prints and 25 numbered paintings by Banksy .
The Welsh midfielder has been subject to interest from Man United in the past, nearly moving to Old Trafford instead of Arsenal as a youngster.
"Everything has been going great with the club".
"We thought we were in a position where we had agreed a deal, but that is no longer the case".
Emery has said that he does not expect the contractual situation of the squad's longest-serving player to affect Ramsey's performance levels.
The attacking midfielder has most recently been nursing a groin strain, but should be available for selection for the Reds' next game against Huddersfield Town in the Premier League.