Odegaard joined Real Madrid at 16 years-old in 2015 from Norwegian outfit Stromsgodset, after taking a saga that saw the prodigal youngster tour around Europe to find his best suited club.
This year, the Norwegian has been lighting up La Liga - with two goals and two assists to his name already.
Ole Gunnar Solskjaer is believed to be a big fan of his compatriot and will hope he can lure the playmaker to Old Trafford.
The Gunners see Odegaard as a natural replacement for Mesut Özil, who is seemingly out of favour under Unai Emery.
Odegaard has created more chances than anyone else in La Liga this season.
Manchester City and Liverpool are thought to see the 20-year-old as the key to their next stage of evolution as the Premier League's top two clubs.
All the interested parties believe they could snap Odegaard up for £25million - with the promise of regular top-flight football.
However, Zinedine Zidane is reportedly considering recalling Odegaard as he looks to remedy ongoing issues for Los Blancos.
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