Victory at Molineux will see them leapfrog the Blues once again, however, going into the final three games of the season.
The Wales international was absent against Crystal Palace on Sunday and the Gunners missed his presence in midfield badly.
Arsenal have yet to put an official timeline on Ramsey's recovery, with the latest update simply stating that the midfielder was continuing to be assessed.
Denis Suarez is also out due to a groin problem, while Granit Xhaka faces a late fitness test on the hip injury that saw him rested at the weekend.
Centre-back Sokratis will return for Wednesday's game having now served his two-match ban, but long-term absentees Danny Welbeck, Rob Holding and Hector Bellerin remain sidelined.
Arsenal do not have anyone banned for the game. Sokratis is available again having now completed his two-match ban.
Arsenal Potential Starting Line-Up
Unai Emery made seven changes at the weekend against Crystal Palace - and his makeshift side slipped to a costly defeat at the Emirates.
The Arsenal boss is expected to make a number of changes once again at Wolves, however, with several big hitters returning to the line-up.
In defence, Sokratis, Ainsley Maitland-Niles and Nacho Monreal will all come back in, with Shkodran Mustafi, Konstantinos Mavropanos and Carl Jenkinson all set to make way.
Lucas Torreira will return to the midfield, as will Granit Xhaka - providing the Switzerland international recovers from the hip problem that saw him rested at the weekend.
Mesut Ozil, who scored against Palace on Sunday, is expected to keep his place behind the front two of Pierre-Emerick Aubameyang and Alexandre Lacazette.
Wolves Team News
Wolves go into Wednesday night's game in good shape, with no injury concerns for boss Nuno Espirito Santo.
Opta Match Facts
- Wolves have never beaten Arsenal in the Premier League in nine previous attempts (D2 L7), the most they have faced an opponent in the competition without victory.
- Arsenal haven’t lost against Wolves in any competition since September 1979 in a top-flight clash, winning 16 of the 20 meetings since (D4).
- Arsenal have won all four of their Premier League matches at Molineux; only at the KCOM Stadium (5) do they have a better 100% win rate at a particular ground in the competition.
- Wolves have already beaten Chelsea, Manchester United and Tottenham this season. Only two promoted sides have ever beaten at least four sides to finish that season in the top six in a single Premier League campaign – Sunderland in 1996-97 and Blackburn in 1992-93.
- Wolves have kept a clean sheet in three of their last five Premier League home games, as many as they had in their first 12 at Molineux this season. They’ve only conceded once in each of the other two games.
- Wolves are unbeaten in their last six Premier League home games (W4 D2). They last had a longer run without defeat in the top-flight between October 2003-January 2004, when Arsenal eventually ended their eight-game unbeaten streak at Molineux.
- Arsenal won 1-0 in their last Premier League away game – they’ve not won back-to-back league games on the road since October, while they’ve not kept consecutive away league clean sheets since February 2016.
- All of Arsenal’s Premier League defeats this season have come on a Saturday or Sunday – they’ve won six and drawn two of their eight games played between Monday-Friday under Unai Emery.
- Wolves’ Raul Jimenez has been directly involved in seven goals in his 10 Premier League games against the top six Premier League sides this season, scoring four and assisting three.
- Arsenal’s Pierre-Emerick Aubameyang has been directly involved in 10 goals in his eight Premier League appearances against promoted sides, scoring seven and assisting three. Five of those seven goals and two of the three assists have come away from home.
TV Coverage & Kick-Off Time
Kick-off is 7.45pm BST (2.45pm ET) on Wednesday April 24, and will not be televised in the United Kingdom. It will be shown on NBC Sports Gold in the United States and will be streamed on NBCSports.com.