The 22-year-old impressed during his loan spell at the London club last season and the Gunners are hoping to sign him permanently this summer.
According to the latest reports from the Athletic, the Premier League side are close to reaching an agreement but Real Madrid for the Norwegian international and the player could be involved in the London Derby against Chelsea if all goes to plan.
Apparently, the midfielder is likely to cost around €35 million. The player was reportedly absent from training because of how advanced the talks are regarding his future.
Odegaard is still quite young and he is yet to reach his peak. The Norwegian has a lot of time to fulfil his potential and justify his price tag.
Arsenal needed to add more attacking quality to their side and the arrival of Odegaard should prove to be an impressive bit of business.
The Gunners have been linked with other attacking midfielders like James Maddison as well but it seems that the transfer of Odegaard was the most realistic option for them.
Meanwhile, the move should prove to be a smart decision for the player as well. He needs to play every week in order to fulfil his potential and he could get that opportunity at arsenal this season.
Real Madrid might not be able to give him the game time assurances he needs and therefore a move away from Santiago Bernabeu is the best option for all parties.