Arsenal's long-term target Emi Buendia has moved to Aston Villa meaning the Gunners are set to go all in on Martin Odegaard.
The Real Madrid loanee has been impressive during his loan spell and the north Londoners are keen to keep him at the Emirates.
Los Blancos may demand a hefty fee however which could prove an issue whilst it remains unclear whether Carlo Ancelotti has Odegaard in his plans.
Mikel Arteta is leading an Arsenal overhaul and will want a creative midfielder in his squad.
Failing to sign Odegaard could force the Spaniard to pursue other options.
Here are the latest Arsenal transfer rumours
Mahrez quashes Arsenal talk
Riyad Mahrez has poured water on the rumours linking him with a move to Arsenal this summer.
The Manchester City star was touted as a potential target for Mikel Arteta amid speculation Pep Guardiola was prepared to listen to offers for the Algerian.
But Mahrez insists he plans to finish his career in England but has no desire to quit City.
"I feel great at Manchester City, and I have no wish to look elsewhere,” he explained.
"I don't yet know what my situation will be, but I am happy at City - and they are the club where I want to be.
"People have spoken about me ending my career with Marseille, but that is not something I think about. I want to finish my career in England, with City. I don't foresee myself at Marseille."
Odegaard the priority
Arsenal will go all out to secure the signing of Odegaard having missed out on Buendia.
The Gunners will now prioritise bringing back Odegaard from Real Madrid, according to football.london .
The Norwegian moved to the Emirates in January and made an instant impact.
Arteta was keen to add a creative midfielder and his side benefitted from Odegaard's arrival, now they want to make the move permanent.
Madrid however could demand a hefty transfer fee which may scupper the deal.
Freebie Calhanoglu an option
Hakan Calhanoglu is another name on Arsenal’s list of summer targets, according to CBS Sports.
The AC Milan midfielder is out of contract this summer and may be an alternative should they fail to sign Odegaard.
Calhanoglu has previously been linked with a Premier League switch and the timing could now be right.
The Turk played 43 times in all competitions last term for the Serie A side, scoring nine times.
