At the moment, it seems that Isco is ahead of Odegaard in Carlo Ancelotti's plans. With both close to the exit ramp at the Santiago Bernabeu, the Spaniard came on as a starter in the pre-season friendly against Milan. With Kroos injured for the league opener, he looks the favourite to replace him.
The fact that the coach has included him in his starting XI does not mean that he is going to have an important role in the squad, but it does suggest that the coach was testing him as an important player of the team. This is what increases the chances that, once official commitments are on the table, he will overtake the Norwegian.
The former Madrid loanee has already been promised minutes by the Italian tactician, so it is only logical that he should be given the chance to show his boss what he can do. In London, they were delighted with his performances and even considered signing him again.
The situation of Isco and Odegaard remains to be decided by the Real Madrid board in the remainder of the transfer window. If the bosses opt to provide Carlo Ancelotti with new midfield players and get rid of the aforementioned players, the situation will change; if not, they will fight for the position.