Despite featuring and applying the finishing touch to a fine, flowing Arsenal move in the 5-1 victory over Fulham at Craven Cottage - an early contender for team goal of the season - it is understood that Ramsey will not agree a new deal with the Gunners.
Sky Sports News claim their sources understand that talks between Ramsey and Arsenal over a new deal have broken down, leaving the Gunners with the possibility of losing him on a free transfer at the end of the season.
When speaking on The Debate, Bellamy suggested it would only be a matter of time before a decision is announced.
"I think they've lost him already - I think he's gone" Sky Sports reported on their website.
"Come January or the summer, he'll be going somewhere else. Four or five years ago, every club wanted him - Manchester City, Barcelona. I think it's time for him to move on. He's become conscious of some players that have stayed too long at Arsenal and not got the best out of their ability. He's a tremendous footballer that has had injuries.
"Unai Emery will be a good manager for him but he needs a change. He'll have a better chance of going to those top-end clubs if he's on a free transfer."
Unfortunately for Arsenal fans, it looks likely the club will be involved in another saga regarding player contracts, following on from Alexis Sanchez, who left for Manchester United, and Mesut Ozil, who did eventually sign a new deal.
Paul Merson who was also an guest on The Debate, believes Arsenal need to reevaluate the strategy on how they handle contract negotiations with their top stars.
"Arsenal have got to ask themselves some serious questions," Merson said.
"It's a great club, but whoever is letting people's contracts run down is an absolute joke.
"You have to sign him. He brings goals to the midfield - he takes the pressure off the strikers. It's Arsenal's fault, they've allowed this to happen. In January, he'll have clubs queuing up to sign him."
It's hard to disagree with Paul Merson here.