On-loan Barcelona midfielder Denis Suarez has also been ruled out of contention with a groin problem, but Granit Xhaka is still being assessed ahead of the game and there appears to be a chance that the Swiss international could overcome a hip injury in time to feature.
Long term absentees Danny Welbeck, Hector Bellerin and Rob Holding remain out.
For Ramsey, the situation beyond just this game remains unclear as there were immediate fears last week that the injury meant that the Welshman had played his last game in an Arsenal shirt ahead of his pre-arranged summer transfer to Juventus.
After facing Wolves at Molineux on Wednesday, the Gunners have a maximum of six further games to play this season, including a possible Europa League final on 29 May in Baku.
After Wolves, Arsenal have three Premier League fixtures remaining, against Leciester, Brighton and Burnley, with the domestic season drawing to a close on 12 May, just three weeks from now.
Depending on the severity of Ramsey's injury and subsequent recovery - two or three weeks was the initial estimate from manager Unai Emery when it happened - a return for a last farewell in the Europa League final, should Arsenal get there after facing Valencia in the semis, seems possible.