Arsenal are planning to part ways with five players as part of the overhaul during the summer, The Telegraph claims.
The Gunners have endured a tough campaign, and they could miss out on European football for the first time in 25 years.
This is expected to pave the way for changes, and it is reported that as many as five players could be shown the exit door.
The Gunners have no plans to re-sign Ceballos permanently, but could attempt to purchase Odegaard this summer.
The goalkeeper has impressed in his three appearances, and the Gunners are in advanced talks over a permanent move.