The midfielder has enjoyed a second half of the campaign on loan at the Emirates Stadium after arriving from Real Madrid in January.
But the Norwegian is now set for talks at the Bernabeu in the summer regarding his future and whether there are plans to use him more in the first team next term.
"I am happy here at Arsenal, we will see after the season what will happen," Odegaard, 22, told Sky Deutschland.
"I'm owned by Real Madrid, so we have to speak to them. It's important to understand what they want."
Although he is likely going to have to raise funds by selling out of favour stars, the Arsenal boss believes he still needs to be handed funds for a rebuild, saying: "I think is clear that if we want to improve the team we need some resources."