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I get why Liverpool fans are upset and even angry at the thought of Alexander-Arnold leaving - all supporters like to see local lads coming through at their club, and they never like to see them being sold.
It is the fact he would be going on a free which has upset them the most, but that situation is down to Liverpool as well as Alexander-Arnold.
We don't know why his contract has been allowed to run down - or whether that is down to him or the club - but it is something Liverpool have done with Mohamed Salah and Virgil van Dijk this season too, and also in the past with Georginio Wijnaldum and Roberto Firmino.
No-one seems to have said much about the other players letting their deals run down, just Alexander-Arnold.
That's because he's a local lad, which feels a bit unfair.
Alexander-Arnold has been an excellent servant to the club, so you can't begrudge him wanting to try something new.
It would not just be a shame for Liverpool fans if he left because you want to see the best players in the Premier League but, if he does go to Real, I wish him well.
Still, as I found out myself, just because there are talks over a transfer does not mean it will happen.
It is well known that some United fans protested outside my house when they thought I was going to leave in 2010, but I'd agreed my new contract by then.
Alexander-Arnold has not signed anything with Real yet and it would not surprise
me if, even after all this speculation, he ends up staying at Anfield.
A lot can happen before a contract before a contract is signed - as I know from experience.
Wayne Rooney was speaking to BBC Sport's Chris Bevan.