Real Madrid value Vini's contribution to the team, and they really want to keep him, but if he leaves, it won't be Real Madrid's doing. AFAIK, he has been handed a new contract, but he's asking for a higher salary. I don't know the details of the new contract, but I'm guessing it's more than what he was earning, and if they cannot reach an agreement, Real Madrid will have no other choice than to sell him. He has already been given a deadline to sign, or he will be put up for sale.
Real Madrid are very conscious about spending money. And that is why this club is very strong financially. Real Madrid's contract with Vinicius runs until 2027. Madrid still has enough time to sell Vinicius. Real Madrid has offered a new contract. And I think they have definitely increased their salary. However, Vini is expecting a higher salary.
Vinicius is expecting a higher salary, and I don't think he will leave Madrid if he doesn't get a higher salary. Mbappe could be one of the reasons for Vini leaving Madrid. Even after Mbappe joined the squad, Madrid's dependence on Vini has naturally decreased a bit. Vini probably couldn't take this issue well. That is why he could leave Madrid.
If Real Madrid leaves Madrid this season, which club would be interested in taking Vinicius to the squad? Will Manchester City add Vini to their squad? I don't think Guardiola will take a player as aggressive as Vini into his squad. Manchester United or Chelsea could possibly show interest in Vini.