Real Madrid reportedly enquired about the possibility of including Emile Smith Rowe in a deal for Martin Odegaard with Arsenal.
Odegaard made a positive impression during his short-lived tenure in North London, and the Gunners have been keen to secure his services on a permanent basis.
However, the Norwegian was expected to command an extortionate fee to leave the Bernabeu, and he has supposedly now decided to stay at Real Madrid following the re-appointment of Carlo Ancelotti.
According to CBS Sports, though, Smith Rowe's name was mentioned in talks between Real Madrid and Arsenal, but the Gunners have no intention of letting the Englishman leave.
Smith Rowe ended the 2020-21 campaign with four goals and seven assists in all competitions for Arsenal, who reportedly rejected a £25m bid from Aston Villa for his signature earlier this week.
The 20-year-old's existing contract at the Emirates is due to expire in 2023, but progress is believed to have been made in talks over an extension.
