As a Liverpool fans actually i don't want to see Alexander-Arnold moved from Liverpool especially he came from Liverpool Football Academy so he was playing with Liverpool since at junior team besides that Liverpool currently is very solid and Alexander-Arnold as part of Arne Slot plan but apparently Liverpool has no plan to give him contract extension which mean possibly Alexander-Arnold will be leave with free transfer status and since last summer actually Alexander-Arnold was linked to Real Madrid especially Jude Bellingham which Alexander-Arnold close friend has been invite him to joining with this team
About Real Madrid condition currently after Dani Carvajal confirmed got long term injured then Real Madrid only have 6 defensive players and this is not good because Real Madrid has tight schedules this season so they really required new defensive players and i know Alexander-Arnold contract will be expired on June 2025 but probably if Real Madrid in the urgent condition they can bought Alexander-Arnold this January and besides Alexander-Arnold Real Madrid also reported will attempts to gets Alphonso Davies from Bayern Munich
not only Alexander-Arnold, Liverpool is also thinking about negotiating contract extensions for 2 other players, namely Moh Salah and Virgil van Dijk.
Liverpool is in good form, I think if they have big ambitions for trophies this season, they should not let go of players who are part of their plans.
Alexander-Arnold is also always an option in the Liverpool squad. although Madrid really wants to get him, of course, they have to pay a high price to Liverpool. besides Alexander-Arnold Madrid also has several names that are rumored to be approached to replace Dani Carvajal.