Odegaard had made his Norway debut before turning 16 in late 2014 before joining the Spanish giants from Deila’s former team Stromsgodset.
But since then, he has been restricted to playing for the second string – Castilla – with his sole first-team appearance this season coming in the Copa del Rey against Cultural Leonesa.
Odegaard was linked with loan moves to a number of clubs, including French side Rennes who pulled out of a proposed move last week.