According to Fabrizio Romano, Manchester City have had a renewal offer on the table for several months, but Rodri has yet to respond.
The same report suggests an agreement remains some distance away, with the 2024 Ballon d'Or winner not ruling out playing one further season at the Etihad Stadium before testing the market as a free agent next summer.
Real Madrid remain Rodri's preferred destination, according to multiple reports, even though sources suggest the move is not currently a priority for the club.
Several outlets have reported in recent weeks that Florentino Perez's hierarchy are not planning a move this summer, but that the picture could change significantly if Rodri becomes available on a free transfer in 2027.
The most likely outcome, for now, appears to be Rodri continuing at City from August, but the possibility remains that he opts against extending his stay and departs after the 2026-27 season instead. City have not had the final word, and there are still many months in which to continue negotiating his future, but nothing is yet certain.
Rodri has been one of the most influential midfielders in world football since establishing himself at City, winning the Ballon d'Or in 2024 on the back of a campaign that underlined his importance to Pep Guardiola's system.
His recovery from a serious knee injury that disrupted much of the following season has also been closely watched, with the Spaniard's fitness and form likely to play a significant role in how negotiations over his contract ultimately develop in the coming months.