Real Madrid is waiting for most of the summer for offers for Rodrygo, and despite ties with the Brazilian earlier in the summer in combination with Arsenal, there has been relatively little in terms of concrete movement. That seems to have changed.
Rodrygo was connected to Arsenal earlier in the summer, but after signing Noni Madueke and Viktor Gyokeres, that interest seemed to die away. In the meantime, Liverpool has been cited as the side that Rodrygo is most happy to participate and instruct his agents to let them know so much. It seems that a door is now open for an exit.
It was reported by the Times (via Diario AS) that Arsenal is considering a loan offer for Rodrygo, and now Indykaila has reported that the Gunners have asked for a possible deal with Los Blancos on those conditions. Both Arsenal and Liverpool have had contact with Real Madrid to find out if they would be willing to take a loan with an obligation to buy in the summer of 2026.
In the meantime, Fabrizio Romano has also emphasized that there is a scenario in which Paris Saint-Germain is renewing interest in Rodrygo. If Liverpool cannot get a deal over the line for Alexander Isak, one of the names on their shortlist PSG's Bradley Barcola is. In case he left, Rodrygo could be an option in front of Luis Enrique's side.
Romano does not do that there are no constant negotiations between PSG and Real Madrid, or Liverpool and PSG, and that it would depend on the Liverpool movement for the collapse of Isak.