According to Spanish media, Real Madrid would seek a repurchase provision in any permanent deal with Arsenal for Martin Odegaard.
The Gunners have been made aware of Odegaard's availability and have re-launched their efforts to sign the Norway international for a second stint at the club.
Mikel Arteta stated at the end of last season that he wanted Odegaard to stay at Arsenal, and the Gunners were interested in extending the midfielder's loan spell for another season.
However, Real Madrid had intended to keep Odegaard and had given Carlo Ancelotti the opportunity to make a choice on the midfielder's future.
Ancelotti has told Odegaard that he is part of his plans but that he cannot guarantee him a regular place in the team because Toni Kroos, Luka Modric, and Casemiro are still at the club.
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According to the article, Odegaard is now unclear about his future and is pondering a return to Arsenal since he believes Arteta will offer him more minutes.
According to ABC, Arsenal has not yet made an offer, while Madrid is asking a €50 million (£42.7m) transfer price and a buyback option as part of the deal.
Odegaard expressed his desire to become a regular at Real Madrid in June.
‘Of course, it has always been a dream of mine to play there,' the midfielder explained.
‘I've been a member of the club for nearly six years, and that has always been my objective.
‘I always want to play, I've stated it a million times. It is essential to play hard.'
Meanwhile, Arsenal is exploring a deal for James Maddison as a replacement for Odegaard, although Leicester City value the 24-year-old at £70 million.
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