Arsenal still consider Martin Odegaard as the main target for their number 10 position this summer. The player spent the latter half of the 20/21 season at the Emirates and was very impressive.
Real Madrid and Arsenal had a meeting at the end of his loan deal, but the Spanish club stated that they consider the midfielder to be a part of their plans this summer. Hence, he is neither on the transfer list, nor is he being loaned out.
The youngster has always maintained that he wants to represent Real Madrid, and he now has another chance to do so under Carlo Ancelotti. However, if he decides to leave the club, then Arsenal will certainly launch a bid for him.
They have also been linked with James Maddison of Leicester City as a target. However, there has been no contact between the two clubs yet. Leicester have no intentions of selling the player, and Arsenal are in no rush to sign him. They simply maintain an interest in the player as of right now. Should a deal for Maddison not materialise, the London club might sign Jesse Lingard as an alternative.
The Gunners have already completed the signing of Ben White, Albert Sambi Lokonga and Nuno Tavares this summer. They are also in talks with Newcastle regarding a transfer for Joe Willock, who was very impressive in his loan spell with them in the latter half of the season.