We propose a new scheme for ultrasensitive laser gyroscopes that utilizes the physics of exceptional points. By exploiting the properties of such non-Hermitian degeneracies, we show that the rotation-induced frequency splitting becomes proportional to the square root of the gyration speed (Ω), thus enhancing the sensitivity to low angular rotations by orders of magnitudes. In addition, at its maximum sensitivity limit, the measurable spectral splitting is independent of the radius of the rings involved. This Letter paves the way toward a new class of ultrasensitive miniature ring laser gyroscopes on chip.