The 22-year-old joined the Gunners on loan from Madrid during the January transfer window of 2020-21 and impressed heavily.
He bagged two goals and two assists in 20 appearances, but his overall play marked him down as a player of true quality.
Madrid’s new manager Carlo Ancelotti sees him as a part of his plans, but the situation could change if Arsenal make a big-money bid.
According to journalist Rudi Galeti, the Gunners are seriously interested in signing the Norwegian international.
‼️‼️ Confirmations coming in: #Arsenal is seriously interested in #Odegaard's return 🇳🇴. The 🏴 club is ready to offer around €50M to #RealMadrid for the permanent transfer. Evolving situation. 🐓⚽️#Calciomercato #Transfers #EPL #Liga
— Rudy Galetti (@RudyGaletti) August 11, 2021
Odegaard would only improve with consistent playing time over an entire campaign and would be a cracking signing for the club.
Arsenal want to bring in a new creative midfielder and have been linked with a move for Leicester City’s James Maddison.
Italian journalist Fabrizio Romano recently claimed that the Gunners are not close to signing Maddison, who would cost around £60-70 million.
Romano says that Odegaard remains the priority for the north London club, and it seems Arsenal are now prepared to make a formal bid,
The deal could be tricky, with Los Blancos likely to demand a buy-back clause.