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
Of course, releasing Alexander Arnold is a loss for Liverpool, but currently he has not renewed his contract which will expire in January next year. So the possibility is still unclear, but Madrid will definitely look for a replacement for Carvalaj. Of course, Ancelotti has to wait for the winter market to open, maybe an alternative can also be taken from Real Madrid's young players. Of course, they have to use the players they have at the moment and make the player collectivity better and minimize injuries. Another problem, indeed Madrid was not very active in the last transfer season.