The Gunners have made significant moves in the transfer market, securing the likes of Gabriel Jesus and Fabio Vieira.
Manager Mikel Arteta not only wants to improve the quality of the first team, but also increase the depth throughout the squad.
"It definitely helps to get some new players in and to make the squad a bit bigger," Odegaard stated about the new arrivals.
"At the end of last season, we were maybe a little bit short. It will help us. We had a good season last year.
"We didn't finish where we wanted to but if you look at the season before, I think we improved a lot and during the season we improved. This year, we have to take another step and I think the new signings will help us to do that."