The Spanish side are rumoured to be interested in the versatile right-back but a deal appears highly unlikely

When Jurgen Klopp announced his summer exit from Liverpool, the rumours started. Virgil van Dijk reportedly wanted out. There was no way Mohamed Salah could stay for another season. Even new recruits, signed by Klopp, supposedly had one eye on the door. That talk all seemed preemptive and reactionary – the standard discussions that come with managerial change.

However, in recent weeks, a new rumour has appeared. Real Madrid reportedly want Trent Alexander-Arnold. Not only are they curious, they are also “actively monitoring” the situation, according to the reports. Los Blancos are supposedly ready to strike.

This is not just a question of cash. There are emotions at play here, questions of loyalty surrounding a boyhood Liverpool supporter and academy product who might be tempted by a move to Madrid. Liverpool fans will, undoubtedly, be wary of transfer sagas of old. Luis Suarez to Barcelona. Fernando Torres to Chelsea. At his peak, Steven Gerrard seemed set to depart on a yearly basis, with Los Blancos repeatedly enquiring about his availability – only to have their advances rebuffed.

And so we arrive at Alexander-Arnold, Liverpool vice-captain, and presumptive lifelong red. The likely Liverpool perspective here is all but clear: he will not be for sale. This is just agent talk. But the Madrid view makes little sense, too, as Alexander-Arnold is too expensive for even the financial might of Los Blancos to make happen.

Assume, for a brief second, that Alexander-Arnold does want to leave Liverpool, that he is willing to uproot from his home, and discard the connections he has to the city and its fans. This becomes a complex thing. Alexander-Arnold is in a position of power here. He has shown few intentions of changing allegiances and has no real reason to sacrifice whatever negotiating power he may have.

His salary demands would be significant. Alexander-Arnold makes £180,000 ($230,000) per week at Anfield, and will certainly feel he is worth more than that. There has been no talk of how much, exactly, he will command on a weekly basis if he is to sign an extension, but it’s not unreasonable for him to ask for something upwards of the £200,000 ($250,000) per week club captain Van Dijk takes in.

If he is to look at Los Blancos’ payroll, he will certainly feel he is owed around the £275,000 ($350,000) they currently shell out to Federico Valverde every week – if not more than that. Throw in a handsome signing bonus, whatever incentives might be in a contract, and this seems an expensive endeavour.

The Liverpool situation – if it even exists – is difficult. It’s hard to picture the Reds letting Alexander-Arnold go, even if he is to stall on contract negotiations. For all of the talk about getting maximum value out of a player that might leave, Alexander-Arnold is simply too crucial to this side to leave based on uncertainty alone. The only way this deal will be made to happen is if the right-back forces his way out.

And even if he does, Liverpool would seem to be well within their rights to demand a handsome fee for his services. There may be a contract dispute at play here, but zoom out, and this is still a 25-year-old, arguably the most complete passer in the game not named Kevin de Bruyne, and among the most talented ball-strikers in football. For all of the talk of defensive weaknesses and potential frailties at right-back, Alexander-Arnold is world class.

He will command the kind of transfer fee in line with his quality. Liverpool may not be able to ask for the upwards of £100 million ($126m) that he is certainly worth in today’s market, but they can still ask for something approaching that.

And it is here that Madrid’s other transfer business must be brought into the question. The big one is, of course, Kylian Mbappe. The forward has, depending on which version of the same report you believe, already sorted his move to Madrid. All of the talk so far has suggested that Mbappe has made some uncharacteristic sacrifices to finally make his move to Santiago Bernabeu.

He is not asking for the kind of astronomical base salary that he rejected just two years ago. But he is still expensive. He will be Madrid’s highest earner, and is set to be given one of the biggest signing-on fees in recent footballing history – somewhere between €120-€150 million (£103m-£128m /$130m-$162m). He is also set to retain an 80 percent share of the image rights in any future deals he signs. Madrid are not going to lose money from his signature; he is both a footballing rarity and a marketing jewel. But he will inevitably be a hefty financial commitment for Los Blancos, who are already stretched reasonably thin.