Arsenal are in talks with Real Madrid over re-signing attacking midfielder Martin Odegaard on a permanent deal.
Reports in Spain indicate Odegaard will not be part of the Real squad for their opening game of the La Liga season at Alaves on Saturday.
Odegaard, 22, spent the second half of last season on loan at Arsenal, making 14 appearances under Mikel Arteta.
It is thought the Norway international, whose contract at the Bernabeu runs until 2023, would cost in the region of £35-40m.
Arsenal have also shown an interest in James Maddison but Leicester do not want to sell the England international.
The Gunners have so far signed Ben White, Albert Sambi Lokonga and Nuno Tavares this summer.
Talks have also been held over signing Tammy Abraham and Aaron Ramsdale from Chelsea and Sheffield United respectively ahead of the transfer window closing on August 31.
Speaking ahead of Friday’s Premier League season opener against Brentford, live on Sky Sports, Arteta said: “Anything is possible and there are still a lot of things to be done and a lot of clubs involved.
“You can see that the ball starts to roll at a different speed in the last week or so. It’s been a really difficult transfer window and probably a lot of things will happen in the last week or so.
“It’s how deals develop and sometimes something that is not possible to do on the 12th of August is possible to do on the last day. Whether you are happy bringing the player in or not I think is more important.”
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