Ramaj, 24, is currently on loan at Bundesliga side FC Heidenheim, and has impressed for the side currently battling against relegation.
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According to German outlet Sport.de, Arsenal have sent scouts to watch Ramaj on several occasions as they look for a long-term successor to Raya, 30.
The German is set to return to Dortmund at the end of the season, but with Gregor Kobel currently ahead of him, first-team chances are unlikely.
It’s understood that Arsenal’s interest hasn’t gone beyond preliminary scouting, but they will make a move should the market become active.