Report: Odegaard nearing Arsenal move after agreeing to 5-year contract

Arsenal are close to agreeing to a deal with Real Madrid to sign Martin Odegaard, according to The Athletic's David Ornstein.

The fee is expected to be in the region of €35 million, Ornstein notes.

The Norwegian midfielder has already agreed to personal terms on a contract until 2026, The Guardian's Fabrizio Romano reports. Romano believes the transfer fee is likelier to be around £34 million (€39.9 million).

The higher sum would still mean Real Madrid's valuation of Odegaard has dropped from over €60 million to a reported €45 million, and then even further to under €40 million in a matter of weeks. Arsenal were previously deterred by Odegaard's price tag and were exploring the possibility of signing either Leicester City's James Maddison or Lyon's Houssem Aouar.

Odegaard wasn't included in Carlo Ancelotti's matchday squad to face Alaves on Saturday. He also sat out training with the main first-team group Tuesday ahead of his possible switch to the Gunners, Ornstein reports.

The 22-year-old spent the second half of last season on loan at Arsenal, where he scored twice over 20 appearances. The club recently sanctioned the sale of Joe Willock to Newcastle United, leaving Emile Smith Rowe as the sole central attacking midfield option in Mikel Arteta's squad.