Real Madrid will always prioritize Mbappe, they know Mbappe is the best player that is suitable with Real Madrid play style. Moreover, Mbappe's contract will expire soon this year, Real Madrid will try all out to sign Mbappe. Real Madrid will sign Mbappe for free when Mbappe's contract is over. This is the biggest chance to get Mbappe from PSG.
but Real Madrid must be patient in waiting until june this year after everything ends so that if this january they cannot bring in Mbappe, of course Real Madrid will have to compete in the UCL without a pure striker and previously I heard that Madrid actually has an alternative player if they fail to get Mbappe because of winning the UCL title really requires reliable striker players to be able to compete with other teams which almost all have striker players and even though I believe Madrid can win the UCL title without a striker, worry always arises and we can see how Real Madrid always looks won but only by a very narrow score and with achievements like this it made Real Madrid fans worried that if they continued to compete without a striker they would not be able to reach the final round.
I really understand Mbappe reasons for not leaving his team until his contract expires because currently PSG is also in the last 16 of the UCL and maybe Mbappe has an agreement to help win the title in the UCL even though it is very difficult but at least Mbappe kept his promise.
I think Mbappe is one of the best players in the world right now and no one can deny it. Although Mbappe sort of betrayed Real Madrid a few seasons back, I don't think there is a good enough substitute for him just to ignore him. But this season Real Madrid has said that they won't be buying any new players. If that is the case then Mbappe won't be joining Real Madrid this season.
Next season it is likely that he will join Real Madrid but I don't want to say it for sure because last time we all thought that he would be joining Real Madrid but suddenly he extended the contract. I think Mbappe will continue this season with PSG even if he is not happy with the team.