The Gunners have not won the FA Cup since the 2-1 victory over Chelsea in 2020, a final that was played behind closed doors due to the COVID-19 pandemic.
Furthermore, Mikel Arteta's side has failed to progress past the fourth round for five successive seasons since the FA Cup title triumph.
"Today it's a change of focus in the FA Cup, which is a big target for us," said Odegaard to the club website.
"This group of players hasn't had a run in this competition, and it's definitely something we want to do. We know we can do better in this competition. In recent years, we've gone out quite early, so that's something we want to make better and it's another competition we want to go all the way in."
The Norwegian midfielder is wary of being overconfident ahead of the fixture against lower division opponents and has urged his side to remain focused for the match.
"We are in strong positions, and we will keep focused on ourselves and pushing in all competitions, added the 27-year-old.
"Facing a team from League One means we have to stay completely focused, because for them it's kind of like a free hit."
Arsenal will be looking to add to their record 14 FA Cup titles while attempting to win a quadruple of competitions this season.
Newcastle United staged a thrilling turnaround to defeat 10-man Aston Villa 3-1 and secure their place in the fifth round of the FA Cup, with Sandro Tonali's double proving decisive.
Manchester City boss Pep Guardiola was happy to progress to the next round of the FA Cup after beating Salford City 2-0 but admitted his team's performance was 'flat'.
Liverpool advanced to the next round of the FA Cup after defeating Brighton and Hove Albion 3-0 in their fourth-round clash at Anfield on Saturday evening.
Newcastle United overturned an early deficit to beat Aston Villa 3-1 in an FA Cup fourth-round tie marred by refereeing controversies.
