Arsenal are closely monitoring the situation of Real Madrid attacker ahead of a potential approach this summer, according to Cadena SER.
The 24-year-old has been a key player for the La Liga giants, but his future has become uncertain since the appointment of manager Xabi Alonso.
Under Alonso, Rodrygo is no longer a guaranteed starter from the right wing. He was a regular substitute during the Club World Cup campaign.
It is now reported that the player's agents are expected to meet with Los Blancos, and a transfer could be on the cards in the coming weeks.
Arsenal are the most interested side in the Santos graduate, but Madrid are expected to demand a premium transfer fee to consider his departure.
Madrid reportedly value their prized asset at around €100 million and it is claimed that the final fee could be much higher with performance add-ons.
Arsenal are likely to face competition from Liverpool, Manchester City and Paris Saint-Germain for Rodrygo, who is most comfortable on the left wing.