They're considering a transfer option to raise money for the team. To be honest, he's still a player worth a lot of money, and many teams will want to sign him. They're currently talking about €100 million. There were transfer rumors with Barcelona in the past, but Barcelona can't afford that much; he might as well go to the English league.
He's still too young to play in Arab countries; I don't think he'll make a decision that would end his career
Given the current state of Real Madrid's forward line, I think Rodrygo wants to be a first-choice player, not just a supersub. He's still 24 years old, and if he chooses to leave, there will be plenty of clubs willing to sign him. I'm sure it won't be long before Rodrygo plays for one of Europe's top clubs. However, I'm sure Saudi Arabia is prepared to spend a large sum of money to sign Rodrygo. At his age, he could probably play in the SPL and earn a lot of money for his future. This is similar to what Oscar did when he played in the Chinese Super League a few years ago. Whatever option he chooses, Rodrygo is clear.