Odegaard has completed his medical and an announcement of his signing is imminent, with Amavi reported to be the next target on Edu and Mikel Arteta’s list.
The former Aston Villa player has hit a stalemate in his talks over a new contract at Marseille and will be available on a free transfer in the summer.
But if the Gunners attempt to bring in Amavi on loan, the signing of Odegaard will mean they’ll have no space for another non home-grown player in their squad.
That means Edu and Arteta will be forced to move players on if they are to make another non home-grown signing. We look at five players whose futures could be in doubt.
The arrival of Odegaard would appear to signal a limit on Ceballos’ opportunities to break back into Arteta’s starting line-up.
The Spaniard has found himself behind Thomas Partey and Emile Smith Rowe in the midfield pecking order, with Real Madrid rumoured to be considering recalling him earlier this month.
Ceballos has started 10 of the Gunners’ 19 Premier League games, being subbed off in three of them.
And with Odegaard arriving, Ceballos could depart in the search for more game time.
Runar Alex Runarsson
Despite only signing last summer, Runarsson’s position in the Arsenal squad is already under threat, after a poor performance in the Carabao Cup.
The 25-year-old conceded four goals in the quarter-final defeat to Manchester City, with Arteta left unconvinced that Runarsson can provide suitable back-up to Bernd Leno.
And with Mat Ryan being signed on loan from Brighton, that could be a sign that the Icelandic keeper could be in for a quick exit from the Emirates Stadium.
It is clear that Runarsson needs regular game time if he is to become a trusted number two to Leno, so a departure on loan is possible.
Much like Ceballos, Elneny has struggled to break into Arteta’s midfield plans, while a disappointing display against Southampton in the FA Cup last week will have done him no favours.
Odegaard’s arrival clearly puts the Egyptian’s future at Arsenal under threat, with Elneny having made only 10 starts this campaign.
Elneny has been linked with a move to Besiktas, for whom he made 36 appearances while on loan last season.
The move to bring in Odegaard clearly signals that Arteta feels he needs reinforcements in that area of the pitch, potentially making those midfielders who are out of the side surplus to requirements.
Soares has struggled to break past Hector Bellerin at right-back since turning his loan move into a permanent arrival in the summer.
The former Southampton man has made just one start in the top flight this season, and hasn’t made the squad in 12 of the Gunners’ 19 matches.
Bellerin’s form has made it hard for Soares to find a way past the Spaniard and into Arteta’s plans so he could consider a departure in search of game time.
While the Gunners have continued with only three full backs in the squad since Kolasinac’s departure, Arteta may not be keen to leave himself without cover on the right-hand side of defence.
The least likely of the five to depart, Bellerin has cemented his place as Arsenal’s first choice right back.
But rumours linking him with a return to Barcelona persist, and the Gunners could decide to cash in this month.
He is under contract at the Emirates until 2023 so Arsenal could demand a hefty fee for his signature.