The Welsh global has put pen to paper on a pre-contract agreement with Serie A champions Juventus, where he will earn approximately £400,000 a week.
Wages were not disclosed, but Goal understands Ramsey will earn €7 million (£6m/$8m) plus bonuses per year.
Welsh worldwide Ramsey has already passed a January medical at Juve, and will link up with Massimiliano Allegri's team over the summer.
The move brings to an end Ramsey's 11-year spell with the Gunners having moved from Cardiff in 2008.
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But he has now committed to a four-year contract with Juventus and will join the Italian champions at the end of the season.
Ramsey, 28, issued his own statement via Instagram. It is with a heavy heart that I leave after 11 incredible years in north London.
With Arsenal, Ramsey won three FA Cup titles and two Community Shields.
Arsenal also released a statement, thanking Ramsey for his time at the club saying: "Aaron's made a fantastic contribution to our club since joining from Cardiff City in 2008".
Juve have been seen as the favourites for some time, with Ramsey keen to sample football in a new league.