Arsenal are reportedly looking to poach Dennis Praet and Joachim Andersen from Serie A side Sampdoria.
Gunners boss Unai Emery needs to strengthen his squad ahead of next season after a largely underwhelming debut campaign in North London.
Emery is expected to have a limited budget for the summer window but, according to Tuttosport, £37m has been freed up to bring in Praet and Andersen.
Praet is seen as a replacement for Ramsey, who has left for Juventus, while Andersen is supposedly being targeted to inject new blood into Arsenal's defence.
AC Milan are also believed to hold an interest in both players, though, and Sampdoria know they can get at least £37m combined for the pair.