The Gunners recently waved goodbye to Mesut Ozil, who has now completed a move to Fenerbahce after seven-and-a-half years in North London.
However, with the ex-Germany international having been frozen out of the team this term, Arsenal struggled for creativity until the emergence of Emile Smith Rowe over the festive period.
The Gunners have been expected to bring in a new playmaker during the January transfer window, and according to Fabrizio Romano, a deal has now been reached with Madrid over a move for Odegaard.
Romano claims that a conversation with Mikel Arteta convinced the 22-year-old to move to the Emirates on loan until the end of the season, and the deal will be completed after he undergoes his medical.
Odegaard only made nine appearances for Zinedine Zidane's side during the first half of the 2020-21 campaign, including a mere three starts in La Liga. body check tags ::