Vinicius, 26, has been at the Bernabeu since arriving from Flamengo in 2018 for a fee of around €45m, and has gone on to become one of the club's most influential modern-era players, winning nine major trophies including two Champions League titles and scoring the winner in the 2022 final against Liverpool.
He has been linked with a departure in recent weeks, though AS reported in early June that the winger was expected to stay at Real Madrid next season regardless of whether a new deal is agreed.
The latest reports suggest a move to the Premier League could yet materialise before the transfer window closes, with Arsenal understood to have added him to their list of potential targets as they look to build on last season's Premier League title.
Real Madrid have made no significant progress in contract talks with Vinicius, according to The Athletic, and are keen to avoid a repeat of previous situations in which the club risked losing a player for nothing after their contract expired.
That dynamic could open the door to a sale this summer rather than risk losing him as a free agent in 12 months' time, with any potential departure ultimately likely to hinge on how negotiations over a new deal progress in the coming weeks.
Vinicius scored four goals for Brazil at this summer's World Cup before their exit in the last 16, continuing the prolific form that has seen him register more than 220 goal involvements for Real Madrid across his eight years at the club.
Whether Arsenal choose to turn their interest into a concrete approach remains to be seen, with the club yet to make any formal contact over one of Real Madrid's most important attacking players and no talks yet held between the two clubs at any level.