The Norwegian international has impressed after joining Mikel Arteta’s Arsenal side during the January transfer window and the Basque coach wants to keep him on a permanent basis.
Odegaard is rumoured to be open to remaining in North London but Los Blancos are unwilling to accept a cut price offer for the highly rated 22-year old.
However, according to reports from the Metro, Arteta is concerned his team could be priced out of a bid, if Liverpool and Chelsea step up their interest in Odegaard.
Their Premier League rivals are also reportedly tracking the former Real Sociedad loanee with their interest potentially increasing Real Madrid’s asking price for Odegaard.
Arsenal were confident of securing a deal for around £30m, ahead of the 2021/22 campaign, but that fee could rise to £50m if a bidding war is triggered.