A deal between Mbappe and Real Madrid is being discussed a lot but so far nothing can be said for sure whether Real Madrid will finally sign Mbappe. The summer transfer market won't be open for long so it's probably during this period that Real Madrid will decide on the next player they sign for their squad.
This rumor is still hot, and it is certain that it will often be discussed because Real Madrid, if they have Mbappe will definitely be able to get many more titles in the coming seasons. As for Mbappe, he has a higher chance of getting many awards, one of which might be the Ballon d'or. But those are all rumors only, also Mbappe doesn't want to leave PSG, although in the future there is a possibility because Mbappe contract at PSG has one year left.
If there is an agreement between Mbappe and Real Madrid, I believe it will be a good deal for Real Madrid and Mbappe because it is very difficult to win the Ballon d'Or from PSG because the French league is not the same league as La Liga or EPL. Winning the Ballon d'Or is very difficult.
On the other hand, if Mbappe joins Real Madrid, the chances of Real Madrid winning the Champions League trophy will increase, not only the Champions League trophy, but also the other tournaments that are there, the possibility of doing well in the tournaments will be created for Real Madrid. Real Madrid are already strong so if they get a dynamic forward like Mbappe then Real Madrid will be an unstoppable team in all tournaments.
This agreement must be done considering the mutual benefits.