The Norwegian international joined Mikel Arteta’s side on a six month loan in January after seeing his first team opportunities limited in the Spanish capital so far this season.
However, according to reports from Eurosport, Odegaard is considering his options, with the 22-year old keen on remaining in London, if Zidane stays at the helm in the Spanish capital.
Odegaard is rumoured to have grown frustrated at Zidane’s lack of faith in him after he returned from an eye-catching loan spell at Real Sociedad in 2019/20.
Arsenal are open to the prospect of a permanent deal, with Arteta keen to build his midfield unit around Odegaard ahead of the 2021/22 season.
He still has two years left on his contract in Madrid and Los Blancos are likely to demand at least €25m to consider an exit.