The Reds have already shut down Madrid’s initial enquiry about Alexander-Arnold and intend to move forward with attempts to tie him down to a new, lucrative long-term contract.
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Read MoreIt is a position that makes sense at Anfield. While Dani Carvajal’s injury makes Madrid’s need for a right-back pressing, a mooted bid of £20m holds little appeal for Liverpool.
The risk of losing him for nothing at the end of the season is one they are prepared to take given that within the corridors of power, they still retain a realistic hope of keeping him beyond the summer.
So what are the factors that will decide Alexander-Arnold’s long-term future? Here are the main questions that will give us an idea of whether he stays at Anfield or not.
Alexander-Arnold has formed a strong relationship with Liverpool manager Arne Slot (Photo: Getty)
Given they are peering down at the rest of the Premier League, it is easy to forget that the Reds barely strengthened their squad in 2024 and arrived at the start of the season with real questions about whether their position in the top four was under threat.
Given he has committed a significant chunk of his career to the club, Alexander-Arnold is entitled to ask whether they are planning a rebuild that will keep them competitive among Europe’s elite.
Could Alexander-Arnold’s friendship with Bellingham turn his head?
During the 2022 World Cup Liverpool fans hoped the friendship would deliver the then Borussia Dortmund man to Anfield, so there is a nasty twist in the tale that it may now take Alexander-Arnold to Spain.
It says it all that for much of his career the debate around Alexander-Arnold in England has been about his defensive deficiencies.
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When that unsurprisingly didn’t come off, the criticism seemed to be aimed at Alexander-Arnold for some reason.
Michael Owen might not be the most popular man at Anfield these days but he had a point when he said that it is very difficult to turn down the chance to move to Real Madrid.
It is hard to think of too many players who – when given a firm offer by Madrid – don’t accept it. It would be a remarkable show of faith in his boyhood club if he did.
Just how big is Liverpool’s offer going to be?
The Liverpool right-back currently earns £180,000 per week at Anfield (Photo: Getty)Liverpool run a tight ship and have to finance contract offers to Virgil van Dijk and Mo Salah too, so can they go to the £300,000-a-week or so that Alexander-Arnold probably wants? They can afford it, but it would be a huge test of Liverpool’s owners Fenway Sports Group and their football policy to do it.
Alexander-Arnold is on the record as saying he wants to be the best right-back who ever played the game, which is some ceiling.
So the onus is on Liverpool to show to him that they are a platform to do that.
Where does Slot factor into all this?
He is a detailed tactical analyst who has been great for Alexander-Arnold.
Carlo Ancelotti deserves to be regarded as one of the best but he is not cut from the same cloth. Perhaps Slot’s meticulous approach is best for the player?
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