They brokered a swap deal involving Jose Antonio Reyes and Julio Baptista in 2006.
Ozil was allowed to join Arsenal back in 2013, with Real allowing him to go having just signed Gareth Bale from Tottenham.
And Arsenal and Real have agreed consecutive loan deals around Dani Ceballos of late, though the Spain international is unlikely to move permanently.
Meanwhile, former Arsenal star Martin Keown has expressed a belief Odegaard’s arrival could be bad news for Ceballos.
“I’m assuming Arsenal are all over it. (Odegaard) brings that quality into the midfield. It’s an area Arsenal need to strengthen,” Keown said.