The football rumour mill has been rife with the news the talented midfielder will sign for Real Madrid on a five-year contract, said BBC Sport.
The move would end months of speculation and be a blow for other top European clubs who were keen to sign the teenage sensation.
Ødegaard, who currently plays for Norwegian side Stromsgodset, has also been rumoured to be set to sign for Liverpool, Bayern Munich, Ajax, Chelsea, Manchester United and Arsenal.
The player is contractually obligated to Stromsgodset until the end of this season, but it is said he can opt for a transfer from December 17th this year, when he turns sixteen, reported Spanish newspaper Marca.
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