Both the club and player have expressed their happiness at how their relationship has developed since Odegaard moved to the Emirates on loan from Real Madrid in January.
But according to reports in Spain, Real have other plans for Odegaard which don't involve Arsenal.
Odegaard's Norway teammate is one of the most wanted players in Europe after a stunning 12 months for Dortmund.
Real are looking to bolster their squad with young and exciting talent and believe Haaland could make a difference.
Los Blancos could offer Odegaard and a significant transfer fee could be sent to Dortmund in exchange for Haaland.