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Rodrygo is still under contract with Madrid until June 2028, and I think he is one of the most important assets for Madrid at the moment. But amidst the tight competition in Madrid front line, and the interest of several top European clubs, it is possible that Rodrygo will look for a new challenge. The Premier League is one of the favorite destinations, Man City, Liverpool, Arsenal and even Chelsea are rumored to be interested in recruiting him, in terms of budget, these clubs seem to have no trouble paying Rodrygo release clause. But for next season, it all depends on Xabi Alonso, and I think Rodrygo is likely to be retained.
Rodrygo is more likely to be released than to be kept, but of course it depends on their new coach. If Real Madrid get the right offer, I think they will be willing to let Rodrygo go even though the player really wants to stay with the club for the long term. Xabi Alonso certainly has his own plans in building his team with Real Madrid and he doesn't want to just be a successor without getting the chance to change some parts including the players who will fill his main line up, so some will come and some will go when he comes.
On the other hand, Rodrygo seems to be able to find another team as his new home next season. He is important in Ancelotti's squad, but he will not be as important when someone else takes over. Rodrygo could go to Manchester City or maybe another team, but the question still depends on who dares to offer Madrid a price that is hard to refuse.