Ramsey moved to the Emirates ten years ago for £5million and returns to his former club on Sunday.
However, the Cardiff-born 27-year-old is out of contract next summer with no sign a deal agreed to extend his stay in North London.
Warnock thinks the Welsh international will stay with the Gunners but would be more than happy if Ramsey fancied returning to his roots.
He joked: "I'd love him to be here.
"He could be captain as well – I don't think Mozza (Sean Morrison) would mind.
“We would get him an apartment – you name it!"
The Bluebirds boss was full of praise for the midfielder who has scored 58 goals during his decade with Warnock added: "Gunners and compared him to England World Cup winner Sir Bobby Charlton.
"Every time I watch Wales, every time I watch Arsenal, I just think he does everything. He is a complete player.
"When you look at quality even now in this league and I see a player do something I am like flabbergasted really… I just go 'wow!'
"The gift of top players is they always have time. I remember when I was young thinking Bobby Charlton did not run around much.
"I used to think he did not do much work. Then I realised as I got older he did not do that because he used his brain and he was always on the move… he did not need to run around like everyone else.
"He (Ramsey) is like that."
Ramsey bagged a brace in Arsenal’s 3-0 win at Cardiff five years ago and the Gunners will be looking for a similar result to build on the impressive win against West Ham last Saturday.
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