The Brazilian forward has made 16 appearances this season but is still searching for his first goal. It is worth noting that many of his outings have been brief - he has started only four matches.
He has been unable to establish himself under Xabi Alonso and the likelihood of him needing to find a new club is slowly increasing.
Reports have linked him with Chelsea and Arsenal, but those suggestions can be dismissed for now. Neither club currently has him on their shortlist heading into the new year.
Sources believe that if Rodrygo is to move to England, Manchester City would be his most likely destination - although Liverpool and Tottenham could also emerge as contenders for his signature.
For the moment, a January transfer appears unlikely. Sources in Spain say it is more probable Rodrygo remains at Madrid for the rest of the season.
He has always hoped to improve his situation and remains determined not to give up. Competing with the likes of Kylian Mbappe, Vinicius Junior, Franco Mastantuono and Arda Guler is proving every bit as challenging as expected.
Madrid are also expected to bring back Nico Paz, adding another obstacle for Rodrygo to overcome.
Should he eventually leave, it is understood that Rodrygo is willing to test himself in the Premier League, which is considered his most probable next step.
The main question is where.
Manchester City could still be a genuine option. The club have monitored him for the past year and continue to weigh up a signing that would add an extra spark to their attack. They are currently considering Bournemouth’s Antoine Semenyo, but Rodrygo could yet also become part of Pep Guardiola’s plans.
Tottenham are also prepared to show major ambition and would welcome him as a marquee addition.
Liverpool would be keen to assess the situation but their own plans remain unclear as they address their on-pitch issues. As a result, sources cannot yet predict their long-term intentions in attack.
Rodrygo remains a high-profile talent spending too much time on the bench - yet for now, a January change in his situation still appears unlikely.