The Norwegian midfielder was not an integral part of
Madrid's first-team squad having only made nine appearances so far this season.
Odegaard, 22, spent the 2019/20 campaign out on loan at Real
Sociedad, who were also keen on taking him back this month.
But Arsenal technical director Edu convinced Odegaard's
father Hans and agent Bjorn-Tore Kvarme that a switch to the Emirates is an
ideal opportunity for the youngster.
The Gunners have agreed to pay a loan fee of £1.8million to
Madrid for Odegaard's services, as well as a salary worth £38,000 per week.
Odegaard hit the headlines when he first signed for Madrid
back in 2015 as a highly-rated 17-year-old.
Since then he has taken in several loan spells, as well as a
stint in Real Madrid's 'B' team, and will now look to gain further experience
under Mikel Arteta at Arsenal.
Arteta moved for Odegaard to help offset the departure of
ex-Madrid star Mesut Ozil, who left the club this month to join Fenerbahce.
Arsenal already have Madrid loanee Dani Ceballos in their ranks,
and the Spaniard had encouraged Odegaard to seek regular action amid his
struggles to force his way into the starting XI at the Bernabeu.
"I can tell you about what happened to me at
Madrid," Ceballos told EFE earlier this week.
"I don’t know exactly what happens about Martin, but it
is obvious that any player who wants to succeed at Madrid is going to grab the
opportunity he has.
"I don’t know what Martin’s thoughts are but I know
mine and I think that when you are young and you have goals and objectives,
what you need is to play regularly and if you don’t, it’s like something is
missing."
Odegaard will not be forced to quarantine following his
arrival from Spain and will join up with Arteta's squad immediately.