The Gunners announced on Thursday that Odegaard will return to Real Madrid following the end of his loan stint at the Emirates.
The Norwegian was on loan at Arsenal from January and made a considerable impact with his performances.
Mikel Arteta has made it clear that taking Odegaard back to the Emirates is a priority for the club this summer, but no deal is in place at the moment.
Real Madrid are reportedly keen to keep the player at the club next season and, according to Spanish daily AS, the midfielder wants to have a conversation with Ancelotti this summer.
The Italian returned this week to become the Real Madrid coach and Odegaard wants to know what kind of role he might have in his squad next season.
Real Madrid believe Odegaard has the talent to be a star and want to keep him around at the Bernabeu.
But the Norwegian wants assurances over regular playing time before he decides to stay on at Real Madrid.
Arsenal are still hopeful that the player will agree to move to the Emirates again this summer.