Kieran Tierney is not preferred to left-back Nuno Tavares, while Odegaard replaces Alexandre Lacazette in the No10 role.
Mikel Arteta also had a decision to make in midfield given Albert Sambi Lokonga struggled to perform at Anfield, but the Belgian has kept his place in the XI.
Arsenal are looking to get back to winning ways against Newcastle as defeat to Liverpool ended their 10-game unbeaten run.
Arsenal XI: Ramsdale; Tomiyasu, White, Gabriel, Tavares; Partey, Lokonga; Saka, Odegaard, Smith Rowe; Aubameyang.
Subs: Leno, Tierney, Holding, Pepe, Elneny, Martinelli, Maitland-Niles, Lacazette, Nketiah.
Newcastle XI: Dubravka; Ritchie, Krafth, Lascelles, Schar, Fraser; Shelvey, Willock; Saint-Maximin Joelinton, Wilson.
Subs: Darlow, Clark, Lewis, Hayden, Hendrick, Manquillo, Murphy, Almiron, Longstaff.
Saturday 12.30pm GMT, BT Sport
Arsenal squad from: Leno, Ramsdale, Okonkwo; Cedric, Chambers, Gabriel, Holding, Mari, Tavares, Tierney, Tomiyasu, White; Elneny, Lokonga, Maitland-Niles, Odegaard, Partey, Saka, Smith Rowe; Aubameyang, Balogun, Lacazette, Martinelli, Nketiah and Pepe.
Injured: Kolasinac (ankle) and Xhaka (knee).