Willian was brought on a free, but on big wages, from rivals Chelsea last summer and Nicolas Pepe is the club’s record signing for £72m; both struggling to make an impact since their arrivals.
Odegaard has only recently joined on loan from Real Madrid for the remainder of the season, with just three appearances to his name.
Adams has pointed to the talents of young stars Emile Smith Rowe and Bukayo Saka as reasons why the three are not needed, with the money instead needed to bolster a “weak” defence.
“To be honest, there’s an argument that you don’t need Martin Odegaard,” Adams told Premier League Productions.
“I got so annoyed that we bought Pepe and Willian in when you’ve got two kids bursting into the team.
“There are other areas in the team that you could look at, there are holes in that team, we saw how fragile they are defensively. The defence has always been the weak link.
“As the sporting director of Arsenal, you wouldn’t be getting Odegaard in, you’d be getting good, strong defenders into the team instead.”