Los Blancos have been chasing the defensive midfield lynchpin for the last 12 months - following his previous spell at rivals Atletico Madrid - but he remains vital to City's trophy chances this season.
After captaining Spain to the 2026 FIFA World Cup title - where he won the Golden Ball award - Real Madrid have not lost sight of their primary objective in the summer market.
City have already confirmed he will miss the start of the 2026/27 season following back surgery, but Real Madrid have since scheduled an internal club meeting to strategise their approach on a €45M initial offer.
Rodri is now into the final year of his contract in Manchester, but talks will not be straightforward, and Mundo Deportivo journalist Antón Meana believes City's eventual asking price could prove to be a major issue.
"If Rodri is fit and a bargain, they go for him. The first variable is clear as Rodri is at World Cup Golden Ball level. The second obstacle could be how much City are asking for Rodri, which may go up to €70M."