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Real Madrid is eyeing Liverpool's Trent Alexander-Arnold for a summer transfer, while also working on a contract extension for Vinicius Jr.
The winger is nearing the last two years of his contract with the Spanish giants.
Meanwhile, talks between Madrid and Vinicius' representatives, Roc Nation, have reportedly begun regarding a contract renewal.
The 24-year-old last pledged his future to Madrid 18 months ago but has attracted attention from the Saudi Pro League.
Former teammates Joselu, Karim Benzema and Nacho Fernandez have relocated to the Middle East in the past two years, and Saudi Pro League CEO Omar Mugharbel recently told Marca that a deal is just "a matter of time".
ESPN reported earlier this month that due to the ongoing interest from Saudi Arabia, Madrid had initiated contract discussions with Vinicius' agents.
Vinicius could become La Liga's highest-paid player, surpassing Kylian Mbappe and Jude Bellingham, by extending his tenure in Madrid.
However, if the Saudi sovereign wealth fund, Public Investment Fund (PIF), persuades Vinicius to transfer as early as this summer, Alexander-Arnold's wages would effectively replace the Brazilian's.
Madrid must be mindful of its player expenditure, given La Liga's squad cost limit which caps how much clubs can spend each season.
Alexander-Arnold was asked about his Liverpool future last September.