Odegaard had an impressive loan stint at Real Sociedad last term, registering seven goals and nine assists from 36 appearances in all competitions.
He was recalled to Los Blancos’ first-team last summer but barely featured for the club. He managed only 367 minutes before he was loaned out in January.
The Norwegian has since played 875 minutes for the Gunners in all competitions, netting two goals alongside several other scoring contributions.
It has been suggested that the Premier League outfit may look to sign him permanently, but Los Blancos seem determined to keep hold of Odegaard.
The club reportedly plan to reduce the workload on the old guard of Toni Kroos and Luka Modric, and it is added that Odegaard will get his chance to impress.
Odegaard found himself on the fringes of the first team earlier this term, and he decided to secure a temporary deal with the Gunners.
He has left a good impression with his performances, but the north London club could find it difficult to convince Los Blancos to sanction his sale.
Modric will be 36 later this year, and Zinedine Zidane may consider Odegaard as a potential long-term successor to the Croatian.
The Norwegian has two years remaining on his contract, and he has regularly stated that he wants ‘stability and development‘ in his career.
While Los Blancos are firm in their stance to keep Odegaard, the Gunners could yet propose to sign him on another temporary deal.
The north London club have a good association with the Spanish giants. They signed Dani Ceballos for a second year on loan last summer.
Stats from Transfermarkt.com
Source: English Premier League – Sportslens.com