The bid, which was submitted on Monday, includes an option to make the move permanent in 2025.
Ramsdale, 26, lost his Arsenal place in 2023 following the arrival of David Raya on loan from Brentford. The Gunners have since signed the Spaniard on a permanent basis.
Despite making just 11 appearances last season, Ramsdale still made England’s Euro 2024 squad.
But, after joining the Gunners from Sheffield United in a £24m move in 2021 and having two years to run on his deal, he wants to play first-team football.
Ramsdale was an unused substitute as Arsenal opened their Premier League campaign with a 2-0 win against Wolves on Saturday.
Portugal international Jose Sa has been first choice at Molineux since joining the club in 2021 from Olympiakos.
