The Norway international, 27, remains under contract at the Emirates Stadium until the summer of 2028. However, Sky Sport Germany reports that he would be open to joining the German champions at some point in the future.
Arsenal have already held initial informal discussions with Ødegaard about extending his deal, with the club keen to secure his long-term future. The midfielder has been a central figure since joining from Real Madrid in January 2021, initially on loan before making the move permanent.
He has developed into one of Mikel Arteta’s most influential players and captains the side. His performances were an important part of Arsenal’s Premier League title success last season.
The report says several leading European clubs are monitoring the situation, while Arsenal are determined to avoid allowing the midfielder to enter the final year of his contract without an agreement.
If negotiations do not produce a new deal, the Gunners would consider selling him next summer rather than risk losing him on a free transfer in 2028.
Bayern have been linked with the possibility of signing Ødegaard, but the report makes clear that he is not currently a priority target for the Bundesliga club. There have been contacts between the player and Bayern Munich in previous years, although no transfer materialised.
Ødegaard has made four goals and one assist in 14 competitive appearances for Arsenal this season, according to the supplied report. His continued importance to the team means the club will want clarity over his future before the situation develops further.
The midfielder joined Arsenal permanently from Real Madrid in the summer of 2021 after impressing during his loan spell in north London. He had previously played for Real Sociedad, also spending time in Madrid after arriving in Spain as a teenager.
Arsenal’s immediate preference is to agree an extension, but the reported possibility of a future move to Munich adds another dimension to the negotiations. For now, Bayern are not actively prioritising the transfer, while Arsenal retain control through a contract that runs for another two seasons.