Ramsey will be out of contract at the club, where he has played since arriving in 2008.
Ramsey will earn an eye-watering "basic" salary of £400k per week before tax in Turin, according to the BBC's David Ornstein.
Bayern Munich, Inter Milan and Real Madrid are also believed to have shown interest in Ramsey. "As a result of the registration of the player, Juventus will incur additional costs of €3.7 million, to be paid within 10th July 2019".
He is set to join up with the Italian champions, where he will be one of their highest earners.
The Welshman has issued a heartfelt statement on his Twitter page, confirming the news of his imminent transfer thanking Arsenal fans for their continued support.
Earlier, Legit.ng reported that Mesut Ozil was rejected in the January transfer window by top European clubs after Arsenal tried to sell him, reports from Italy claim.
Ramsey's exit will officially go through in the summer and ends his 11-year association with Arsenal after joining from Cardiff City for £5m 11 years ago.
'Ramsey's a player who, in my opinion, still hasn't found his position because he's never played in a three, which is his role as it lets him make runs in behind, ' Paratici told Gazzetta dello Sport.
Following the announcement, Ramsey issued a statement himself on his social media account.
"You welcomed me as a teenager and have been there for me through all the highs and lows I have encountered during my time at the club", he said.
"He has always been a consummate professional and will always have a special place in the hearts and memories of Arsenal fans around the world", they said.