The Gunners captain starred last season as Mikel Arteta’s side launched a surprise Premier League title bid, scoring 15 goals and registering seven assists.
Paris Saint-German were then credited with an interest in the 24-year-old, though there was little chance Arsenal would ever cash in.
Instead, as reported by Standard Sport in May, the club want to tie him down to a new deal, having already secured the long-term futures of William Saliba, Aaron Ramsdale, Bukayo Saka, Gabriel and Gabriel Martinelli.
Odegaard has two years left on his current contract and enjoys a strong relationship with Arteta, who made him club captain last summer.
The playmaker is settled in London and remains a leading force in the squad even despite the big money signings of Declan Rice and Kai Havertz this summer.
Speaking to Nettavisen when asked about a contract extension, Odegaard said: “I don’t have much to say, apart from the fact that I am very happy at Arsenal and I hope I can be there for a long time. Beyond that, I have no comment right now. Now, it is the national team that is in focus.”