Those plans to sign the Odegaard on another deal from Real Madrid have subsequently fizzled out, with the Norwegian captain set to remain in the Spanish capital under new, and former, boss Carlo Ancelotti.
A ‘number 10’ is still a high priority for the Gunners this summer, but it seems technical director Edu Gaspar will have to turn his attention elsewhere.
James Maddison- Leicester City
The 24-year-old racked up 8 goals and 7 assists in 31 appearances last season, helping Leicester to a Europa League finish.
A hip injury which sidelined him for two months- as well as some broken covid-19 protocols, dampened his chances of an England Euro call-up, but Mikel Arteta is said to be a 'big fan' of the Foxes talisman.
Without European football themselves, Arsenal’s difficulty in acquiring Maddison will be financial.
Albert Sambi Lokonga- R.S.C Anderlecht
A €15 million bid has been submitted, and since rejected, for Anderlecht midfielder Albert Sambi Lokonga.
The Belgian club value the 21-year-old nearer the €20 million mark, which the Gunners are expected to meet.
Lokonga is very much a new name on the scene, having only made 61 Juplier Pro League appearances since his debut in 2017, but has impressed, gaining the trust of his boss, Vincent Kompany.
Despite his young age, Lokonga finished last season with the captain's armband.
Anderlecht find themselves in a spot of financial trouble after failing to qualify for a European competition next season and, as a result, are looking to cash in on some of their assets this summer.
R.S.C have lost €60 million (£51.6m) over two years and selling Lokonga would help to recoup some funds.
Lokonga has featured nine times for Belgium at youth level, across all age groups.
He is yet to be capped at senior level but his impressive performances for Anderlecht this season have earned him a place in Belgium's reserve player list for Euro 2020.
Ben White- Brighton and Hove Albion
The 23-year-old defender shone at Brighton last season, winning the club’s Player of the Season award, and therefore earning an England call-up in May.
White is currently preparing with England for their Euro 2020 clash with Scotland on Friday, so it may be a deal completed after the Three Lions journey concludes, but Arsenal are moving swiftly to get their man.
Talks are ongoing between Brighton and Arsenal for White, who made 36 out of 38 appearances in the Premier League last term.
The Gunners are expected to go back with an improved offer for White- likely closer to Brighton’s rumoured £50 million valuation.
More to follow on this story as the news develops.