Arsenal are set to confirm the arrival of Odegaard within the next few days.
The playmaker, 22, has been starved of game time at Real Madrid so far this season, and is eager to get out on loan to get some minutes.
He’d been linked with a return to Real Sociedad, having spent last year on loan there.
But instead, Arsenal managed to twist his arm and are set to wrap up the short-term loan any day now.
Arsenal had been on the lookout for a replacement for Mesut Ozil since before the window began, but the emergence of Smith Rowe has apparently changed their transfer policy.
Instead of going out and buying a new number ten as soon as the window opened, they instead opted to go after a short-term solution in order to allow Smith Rowe to continue his development.
And now that Odegaard is set to arrive, concerns have been raised over whether he will stifle the development of the 20-year-old academy graduate.
However, Arteta was quick to dismiss those fears and expressed that he wouldn’t do anything to harm any of his current players.
Arsenal were dumped out of the FA Cup by Southampton after a disappointing performance on the south coast.
And afterwards, he revealed he expected to hear more after the game, hinting an announcement was close.
“I don’t know,” Arteta said when asked for an update.
“Obviously we played today, since last night I don’t have any news.
“Probably I will get a few phone calls today and see where we are with every deal.”