Rodrygo is unsettled at Real, with local sources stating he is prepared to leave at the end of the season.
The Brazil international is frustrated seeing his status diminish this term as Real's media chiefs have pushed Jude Bellingham, Kylian Mbappe and Vinicius Jr ahead of him when working with commercial partners.
Rodrygo and his camp believe he deserves better given his contribution over recent seasons and he is now ready to quit Madrid for elsewhere.
Watching developments are Arsenal, says the Athletic, where manager Mikel Arteta is a fan. But they're not alone.
Indeed, it emerged last month that Rodrygo's father had been in Manchester for talks with Manchester City directors about the prospect of a move to England.
Rodrygo, 24, has 13 goals and 10 assists in 50 appearances for Real this season.