Ramsey has less than a year left on his contract with Arsenal.
Iwobi has been at the Arsenal academy since he was nine years old and already has 98 first-team appearances at the age of 22. He managed to score thrice in 26 league games last season. However, the French manager seemed to believe in him despite his underwhelming performances, and gave him frequent minutes off the bench. The situation was only resolved at the end of January when Sanchez moved to Manchester United and Ozil signed a new deal paying him £350,000 a week.
He would be a good backup option on the bench, although he may not be able to nail down a starting spot.
'If their signings work out, if the goalkeeper is a proper one and the new midfielders are workaholics who can handle our football, Liverpool will push City all the way in the two big competitions this season - the Premier League and the Champions League, ' Souness wrote in his column in the Sunday Times.
Iwobi has netted six global goals in 20 games for Nigeria, representing them at the World Cup in Russian Federation, and said: "It's always been my childhood dream to represent Arsenal, from young, and to get an extended contract is an unbelievable feeling and I hope I'm doing the Arsenal family proud as well as my family".