Real Madrid are prepared to sanction Dani Ceballos' exit but still see Odegaard as part of their future according to reports in Spain.
The pair are both on loan at Arsenal with the latter arriving six months after his team-mate in north London.
Ceballos also spent last term at the Emirates and returned for a second spell this season.
His future at the Bernabeu looks bleak with Sport claiming he and the club do not "seem interested in meeting again".
Odegaard's future is a different story however, which may come as a blow to the north Londoners.
The Norwegian has long been tipped for big things, but his career in Madrid had stalled.
He was not a part of Zinedine Zidane's plans and has already stated that he will not return while the Frenchman remains in charge.
Los Blancos still see the 22-year-old as "one of the pillars of their future project".
As a result they will still demand that his €350m release clause is met which all but rules out any move away.