Odegaard has been linked with a possible move to Celtic to be reunited with Deila, who gave him his breakthrough at Stromsgodset at the age of 15.
The teenage talent is thought to be a target for a host of Europe's big guns and Deila's successor at Stromsgodset David Nielsen claimed recently Odegaard was too pricey for Celtic and would end up with Barcelona.
Deila has denied those suggestions and insists Celtic could vie with other clubs to sign the midfielder if they wanted to.
"It’s incorrect to say that Martin is outwith our range," Deila told Norwegian TV. "Martin must do what is best for him and we will do what is best for us - we’ll see if our paths meet at a later date.
‘Martin is a good player but not even close to being a Celtic player at the moment. But there’s no doubt that he has the capability to be in the future."
Deila admitted he is in the market for wingers this summer as he looks to bolster Celtic's wide options next season.
“We don’t have so many options in terms of wingers. That is maybe the thing we have to look for first," added Deila.
“Last season a lot of midfielders were used in wide positions. Finding another winger is some-thing we will look at."