Norway international Odegaard is currently on loan with the gunners until the top of the season.
They claim the Gunners will look to require advantage of an appearance clause in Coutinho's contract with the Spanish giants so as to bring him back to the Premier League.
With the club in desperate need of money to alleviate their mounting debt, they might alright prefer to sell Philippe Coutinho so as to avoid activating his appearance clause.
Cash-strapped Barcelona will reportedly need to pay Liverpool an additional £20m if the Brazilian midfielder makes 100 appearances for the club.
The midfielder has made 90 appearances for the Catalans thus far but is currently sidelined with a knee injury.
That decision would be music to the ears of the Arsenal, who were curious about signing the Philippe Coutinho last summer.