The European champions confirmed the teenager had joined the Spanish giants from Norwegian side Stromsgodset on a permanent basis on Wednesday, with Spanish media claiming he cost Madrid €3 million.
The club's head of public relations, Butragueno, suggested Odegaard will be focused on featuring for Madrid's reserves this season, with the occasional chance of playing for the first team.
"Martin will train with the first team and with Castilla and he will play for the Castilla until the end of the season, but if Carlo Ancelotti wants to call him up to the first team, he will be at the coach's disposition," he told reporters in Madrid.
"He will have pre-season in 2015-16 with the first team and then we will assess what is best for him.
"Regarding interest from other clubs, the most important thing is that Martin is here. We are very excited about his future, he is an extraordinary talent and we hope the fans get to enjoy him for many years to come."
"His father is a player and a coach - a very qualified coach in Norway, working for a Norwegian club - and he will take up a coaching role within the club's structure, working with the youth teams."Odegaard himself revealed why he chose to link up with the Champions League holders over Barcelona, Bayern Munich, Ajax and Manchester United.
"This is best place for me to develop as a player," the teenager said. "Real Madrid have the best sporting facilities and the best conditions. I felt it was the best option to develop as a player and in my sporting career. It offers the best possibilities for me.
"What about Barca? As I said, Madrid were the best option: I felt at home here and felt it was the best option for me. It's a dream come true for me, it's incredible. I am ready for the biggest club in the world and it's an honour.
"I met Ancelotti and Cristiano Ronaldo. We had a chat. They are very good people, incredible even, but the conversation will remain between us.
"My goal is to become the best player I possibly can. When I play with the first team and when I play with the second team is not important."
Despite being regularly likened to Barcelona star Lionel Messi, Odegaard claims that he prefers current Ballon d'Or holder Ronaldo and also gushed praise for Isco, Gareth Bale and the Castilla team set-up coached by Zinedine Zidane.
"Ronaldo or Messi? Right now, Ronaldo," he added. "All the players have a lot of quality, they are very good. If I had to choose one, then Cristiano, as he's the best in the world. But there are other great players here like Bale and Isco.
"I would describe myself as a player who likes to have the ball. I like touch, passing football and I like to keep the ball.
"That the reserve team is at a good level is an advantage. Their coach, Zidane, was one of the best players in the world and that was also important for me in my decision.
"It will be a combination of first-team football and the Castilla, as Emilio said. If Ancelotti wants to use me, I'll be delighted. But I'll also be delighted to play in the second team
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