Real Madrid are willing to cash in on Martin Odegaard this summer, according to reports.
The Norway international spent the second half of last season on loan at Arsenal, who are interested in bringing him back to the Emirates Stadium.
Carlo Ancelotti replaced Zinedine Zidane as the Madrid manager this summer and Odegaard had hoped to impress the Italian during pre-season.
The Spanish giants have not strengthened their attacking ranks in the transfer market, but Odegaard was still unable to even make the bench for their 4-1 victory over Alaves on Saturday.
His days at the Estadio Santiago Bernabeu appear to be numbered, and Arsenal will hope to win the race for his signature.
According to Goal, Madrid are ready to sell Odegaard for £34m before the transfer window closes at the end of the month.
And Arsenal are now ready to step up their interest in the 22-year-old after Joe Willock's move to Newcastle was confirmed.
The Gunners received £25m for Willock and now have the funds to sign Odegaard on a permanent basis.
Mikel Arterta's side have also shown an interest in James Maddison, but Leicester do not want to sell the England international.
The Foxes would demand at least £70m for Maddison, which would be difficult for Arsenal to afford.
Odegaard is available for less than half that figure and already knows Arteta and his players.
Arsenal's disappointing 2-0 loss to Brentford on Friday may accelerate their attempts to bring in the Norwegian.
Emile Smith Rowe was a rare bright spot for the Gunners in a No.10 role.
But Arsenal did not create enough clear-cut chances against the promoted team, and are already under pressure with fixtures against Chelsea and Manchester City still to come in August.
It is hard to see the Gunners challenging for the top four this season if they do not add to their squad in the next couple of weeks.
Ben White, Albert Sambi Lokonga and Nuno Tavares have already arrived in recent weeks but there is still plenty of work for Arsenal to do.
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