Ramsey, who shattered his right leg in a clash with Stoke's Ryan Shawcross, is four months into a long-term rehab programme.
But the Welshman, 19, has been able to step up work and has even started light training.
Wales assistant boss Dean Saunders said: "Aaron is running now and just needs the pin taken out at some stage.
"That's a decision he will make soon when he's ready, but from what I've heard he's progressing brilliantly and it shouldn't be too long.
"It's important for him, Arsenal and Wales to get back playing as he's a great talent who should be showing us that on the football pitch."