Arsenal are reportedly "ready to pounce" should Martin Odegaard become available this summer.
The Norwegian midfielder spent the second half of last season on loan at the Emirates Stadium and made a positive impression for Mikel Arteta's side.
Odegaard has since returned to parent club Real Madrid, who are bracing themselves for a summer of change as they look to significantly cut their costs.
Carlo Ancelotti's side are expected to offload a number of fringe players as they look to slash their wage bill by up to £150million ahead of the new campaign.
Los Blancos are likely to consider significant offers for the 22-year-old this summer, which will come as good news to Arsenal.
According to the Athletic, Odegaard is a player Arteta "holds in high regard" and will be ready to take action to sign the Norwegian should the opportunity arise.
When quizzed on his long-term future towards the end of his spell at the Emirates, the Norway international gave little away about his likely next step.
“To be honest, I don’t know what is going to happen," he told talkSPORT in May.
“I’m focused to finish the season well, then I have some games with the national team and then after that we’ll see what happens and sit down and talk.
“I’m owned by Madrid so will have to talk to them and see what they think and then we can decide together about the future.
“At the moment, I don’t know what is going to happen.”
Arsenal have already missed out on one of their transfer targets in the attacking midfield position this transfer window, having seen Emi Buendia sign for Aston Villa.
The Gunners had long been linked with the Norwich City midfielder, though he opted to join Dean Smith's side.
Despite missing out on the Argentine, Arteta will be boosted by the developing contract situation of Emile Smith Rowe.
Villa have seen two bids turned down by Arsenal for the 20-year-old and the Gunners' boss recently confirmed that he expects the Croydon-born midfielder to remain at the Emirates.
How important is it for Arsenal that Smith Rowe stays? Comment below.
Asked if Smith Rowe would be staying at the club following the Gunners’ recent pre-season defeat to Hibernian, Arteta responded: “Without a question. He will stay here. 100 per cent."
With Smith Rowe set to stay, Odegaard would be under less pressure to perform should he follow suit and choose north London as his destination.
The pair both shone for the Gunners last term, unlike many members of the current first-team squad.
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