The Gunners lost in the Premier League to Bournemouth at the weekend and take on Liverpool on Sunday.
While they got through a Champions League game against Shakhtar Donetsk with a win, being without Odegaard is taking its toll.
“They are closer and both progressing really well,” manager Mikel Arteta said.
“Martin is still not fit. With Bukayo (Saka), let’s see how he feels today and in the training session that we have later on."
“I’ve been working very hard on my recovery in the past few weeks, and missing out on big Champions League nights like this just makes me more determined and motivated to get back as soon as possible,” Odegaard wrote to supporters in last night's match programme.
“I’m feeling better and better each day, but when it’s an ankle injury you have ups and downs as well. Some days you feel really good, and then sometimes you can have a little reaction. But in general, it’s getting better and I feel like I’m getting closer now.
“I’ve been doing a lot of work in the gym, and was on an anti-gravity treadmill recently, which is really good because it takes the weight off. Especially at the beginning that was really good, to be running again like that when you’ve been offloading the leg and not using it as much as normal. That was a good feeling, helping me get back to moving in a normal way, and being able to run after not being able to do that.”