There is a 2025 option in the bid to make the relocation permanent. The bid was submitted on Monday.
After David Raya, a Brentford loanee, joined Arsenal in 2023, Ramsdale, 26, was benched. Since then, the Spaniard has signed a permanent contract with the Gunners.
Ramsdale was included in the England squad for Euro 2024, despite playing in just 11 games the previous season.
However, he wants to play first-team football after spending £24 million to join the Gunners from Sheffield United in 2021. He still has two years left on his contract.
Ramsdale did not see action as Arsenal defeated Wolves 2-0 on Saturday to start their Premier League campaign.
Jose Sa, a Portugal international, joined Molineux in 2021 after leaving Olympiakos, and since then, he has been first choice.
