The Gunners have been looking to bring in another creative midfielder this month and Odegaard emerged as a prime target last week when Sky Sports reported the north Londoners had made an approach to Madrid.
Arsenal will pay the full amount of Odegaard's wages during his time at the Emirates.
The 22-year-old Norwegian has struggled to make an impact in Real manager Zinedine Zidane's squad this season.
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It is an announcement that will be announced on that day. "This is a completely independent set of processes ", Morrison said. In 2013, she did single out an individual. "Back in those days we played singles, doubles and mixed and that wasn't easy".
Both Odegaard and Ceballos are only young, so we can't imagine that Madrid will be keen to ship them out cheaply, but if Mikel Arteta can find out how to get the best out of them, then we imagine that Arsenal will want to keep hold of them.
Odegaard's deal includes no option to buy with Madrid reluctant to sell the star, but the two clubs will discuss the situation at the end of the season, transfer guru Fabrizio Romano reports.
Mustafi has been used sparingly this season, with the centre-back having been restricted to just three Premier League appearances. Any club wishing to sign the 20-year-old (he'll turn 21 in the summer) will nearly certainly have to part with nine figures to do so.
Speaking of Real Madrid and Norwegian wonderkids, Los Blancos are reportedly considering jumping to the front of the line for Borussia Dortmund striker Erling Haaland, with Premier League sides Manchester City and Chelsea now considered the most serious suitors for his services.