Gunners boss Mikel Arteta has been heavily linked with a move to bring the Norwegian international back to the Emirates Stadium on a permanent deal ahead of the 2021/22 season.
Odegaard impressed on a six-month loan deal at Arsenal last season with Arteta confident of securing a permanent deal based on his reduced position in the Spanish capital.
However, despite the initial uncertainty, Odegaard appeared confident of forcing his way back in at the La Liga giants in the coming months.
But due to the ongoing uncertainty at the Estadio Santiago Bernabeu, and Arsenal’s failure to secure a seal for Norwich City star Emi Buendia, a move for Odegaard is back on the table as per reports from Football London.
Real Madrid are likely to be open to a sale but Arsenal will look to drive their asking price down to around £25m.