The Brazil international is understood to be unsettled at the Santiago Bernabeu and was left out of the squad for the 3-2 win over Celta Vigo at the weekend.
Despite regular football, Rodrygo has struggled for status in a forward line dominated by Vinicius Junior and Kylian Mbappe. He was withdrawn at half-time of the Copa del Rey final defeat to Barcelona after an anonymous performance and has struggled for form in recent weeks.
It's understood there is a possibility he could leave Real Madrid in the summer transfer window. The 24-year-old is also keen to play in his favoured left-wing role, a position occupied by Vinicius in the Spanish capital.
Premier League clubs are on alert and Spanish outlet Revelo are reporting that Arsenal are the latest to express interest. Manchester United and Liverpool are also monitoring developments closely.
Arsenal want to strengthen their forward line and have also been linked with Bayern Munich winger Kingsley Coman.
The Gunners saw their Premier League title challenge derailed after injuries to Gabriel Jesus and Kai Havertz left the North Londoners short of attacking depth. A centre-forward and winger are both of interest this summer.
Rodrygo's ability to operate across the forward line and goal threat appeal to Arsenal, who are keen to ease a creative reliance on Bukayo Saka. He has 13 goals and 10 assists in 50 appearances across all competitions for Real Madrid this season.
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