With Mesut Ozil now out of the club, the Gunners are said to be chasing a replacement for the World Cup winner.
Odegaard is understood to be on Arsenal’s radar, with Sky Sports reporting that the Madrid board are considering another proposal from the north London side after an initial approach was rejected.
The Norwegian youngster impressed on loan at Real Sociedad last campaign by registering seven goals and nine assists, but has been restricted to just 12 appearances for Zinedine Zidane’s side this term.
Arteta was asked about the possibility of the 22-year-old joining the Gunners, but remained tight-lipped when delivering his response.
“Sorry, guys, but I cannot comment on players who play for different clubs,” he told arsenal.com when previewing Saturday’s FA Cup tie with Southampton.
Despite not providing a clear message regarding interest in the player, the Arsenal manager admitted the club are monitoring ‘various positions’ following recent outgoings that have weakened squad depth.
“We are looking at various positions because the movements that we’ve made in this transfer window with some players leaving the club leaves us a little bit short in certain areas,” conceded Arteta.
“If we can then we will do it, if we can’t then we will just keep going with what we have.”