The 22-year-old was a real success during a loan spell with the Gunners last season. The Norwegian put in some truly top-class performances.
So much so that it was widely believed that Odegaard would have a key role to play at Madrid this season.
However, that may well not be the case now.
Odegaard door wide open for Arsenal
Marca reckon that Madrid are prepared to move the attacking midfielder on this summer, so a return to north London could be on the cards.
However, there is one big problem for the Gunners.
The Athletic recently reported that Madrid want around €60 million (£53m) for Odegaard.
That is a serious amount of money. Perhaps Los Blancos will lower their demands as the transfer window rumbles on.
One thing’s for sure, the Norway international looked right at home at Arsenal last season, and Mikel Arteta is clearly a huge fan of the playmaker.
He made the Gunners tick.
Cristiano Ronaldo absolutely loved Odegaard during their time together at Madrid (talkSPORT).
If Los Blancos are indeed so desperate to sell, perhaps a fee closer to £40m would be fair for both clubs.
He was once thought to be ‘untouchable’ at Madrid (The Mirror). That all seems to have changed now.
Whether Madrid will accept a lower fee for Odegaard remains to be seen.