As reported by Spanish outlet El Confidencial, the Gunners are becoming increasingly concerned that Wilshere will leave the club upon the expiry of his contract in the summer, while Ramsey has just over a year left on his deal.
Despite not featuring heavily for Los Blancos, Ceballos has been identified by Arsène Wenger as a key summer target, given his impressive potential.
The former Real Betis starlet has made sporadic appearances for Zinedine Zidane's side this season, but starred in Los Blancos' early season victory over Alaves in La Liga - a game in which Ceballos scored an impressive brace.
Despite his talents Ceballos is unlikely to push past the likes of Luca Modrić or Tony Kroos to gain regular first team football any time soon, and could well leave the club in the pursuit of more opportunities. Gunners boss Arséne Wenger is renowned for his ability to spot and develop young talent, and may attempt to snap up the Spanish starlet this summer.
Meanwhile, Chelsea legend Frank Lampard has backed Arsenal to triumph in the first leg of their Europa League quarter final tie against CSKA Moscow, claiming the north Londoners will produce a performance necessary to give them a solid lead ahead of their tricky second leg trip to Russia.