The Norwegian will remain at the Gunners until the end of the campaign and then return to Madrid this summer.
✍️ It’s øfficial… 😉 pic.twitter.com/4eV5gNjK3x
— Arsenal (@Arsenal) January 27, 2021
Odegaard has made just one league start for Madrid since September and made just one fleeting substitute appearance – a five-minute cameo against Celta Vigo earlier this month – in the last 12 matches for Los Blancos.
Indeed, Los Blancos cut short the midfielder’s two-season-long loan deal at the Basque club this summer to return him to their first-team squad.
Arsenal boss Mikel Arteta said: “Martin is of course a player we all know very well. Although still young, he has been playing at the top level for a while.”
The 22-year-old made nine appearances for Madrid this season and this will be his fourth loan move away, having also had stints at Vitesse and Heerenveen in the Netherlands.