Odegaard was considered one of the hottest rising stars in world football when he joined Madrid from Stromgodset in 2015, having already made his debut for Norway the previous year aged only 15.
However, the attacking midfielder has failed to make his breakthrough since then and is yet to break into Madrid's senior side, spending 18 months on loan at Dutch side Heerenveen.
Now the Mirror are reporting that Madrid are prepared to offer Odegaard to a smaller club on loan, with the intention of toughening up the player and providing him with some valuable experience and playing time in the hope that he will return ready to tackle La Liga.
Martin Ødegaard is close to finalising a loan move to Derby County. Aston Villa are still interested where as Reading have pulled out of the race to sign the youngster. #dcfc #dcfcfans #avfc #utv #ReadingFC pic.twitter.com/lApzGhfnWL— FL Transfers (@FL72Transfers__) August 13, 2018
The news will put sides in English football's second tier on red alert, with Aston Villa rumoured to be interested in diving into the loan market this month and Derby County manager Frank Lampard said to be keen on giving the youth a chance.
Odegaard showed major signs of improvement during the later months of his spell at Heerenveen, beginning to fulfil the promise he showed as a 15-year-old when Madrid first signed him.
With his best years still ahead of him, the midfielder has a great deal of potential and it could be that a good season on loan this year is what it would take to prepare Odegaard for a position in the first team at Madrid next year.