Reds and Blues join race for Odegaard as Arsenal fear Madrid's £50m price tag

Arsenal reportedly face competition from Liverpool and Chelsea for Martin Odegaard with the Gunners fearing Real Madrid are set to place a £50million price tag on the Norwegian.

Odegaard has been a key part of Mikel Arteta's side since joining on loan in January and the club are keen on making his short-term deal permanent at the end of the season.

However, according to the Daily Star, Arsenal are concerned about the prospect of a bidding war with Liverpool and Chelsea interested in making a move for the midfielder.

The Spanish champions are said to value the midfielder at £30m but the Gunners are said to fear that Odegaard's impressive performances could see them increase their asking price to £50m.

Arsenal are not in a position to compete financially with Chelsea while Paris Saint-Germain are also said to have shown an interest along with Jurgen Klopp's Reds.

Odegaard endeared himself to Gunners fans by scoring in the north London derby victory over Tottenham earlier this month,.

He was also on target in their first leg victory over Olympiacos in the Europa League last 16 and has made a total of 12 appearances since his January move.

Real could still decide Odegaard has a future at the Bernabeu but the club also want to raise funds for their own transfers with Kylian Mbappe and Erling Haaland at the top of their list.

Sportsmail reported that Real will go all out to try and sign the Paris Saint-Germain and Borussia Dortmund stars, who are seen as the sucessors to Cristiano Ronaldo and Lionel Messi.

The LaLiga side could reportedly sell as many as six players to fund the transfers with Odegaard one of the stars they would likely be willing to let go.

Haaland has a release clause £65m, which becomes active next season, but Dortmund are demanding around £150million to secure his signature, with a bidding war this summer expected.

Mbappe is contracted until 2022 and, with PSG unwilling to sell, would likely cost more.