Liverpool doesn't want to lose but the full-back, like and , is inside the final few months of his contract. And Real Madrid, of course, is lurking in the background.

While it is possible that Alexander-Arnold could sign a new deal and remain put, would like to sign him six months ahead of his contract expiring. Carlo Ancelotti is a big fan of the vice-captain and his right-back, Dani Carvajal, has a long-term injury.

Though Liverpool doesn't want to cash in on Alexander-Arnold in the winter, the player does have a decision to make. The appeal of Real Madrid can be strong and ahead of potentially becoming a free agent later in the year, he must weigh up the benefits and drawbacks. This is .

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Rightly or wrongly, Alexander-Arnold would be treated differently to Salah or Van Dijk if he left for nothing. As a local player, there would be a different set of parameters attached to the general feeling toward him. He isn't going anywhere this month, not least because it would be bizarre to make an exit in the middle of a strong Premier League title push, but then it comes down to whether or not he renews his contract.

Writing in his column just before Christmas, Liverpool legend summed it up. "It was not so much [Steve McManaman's] departure that damaged his legacy at Liverpool as the fact that the club earned no fee on a player who had for years been one of the Premier League’s best attacking midfielders," Carragher wrote.

"When he comes back to Anfield now as a fan or a pundit, he does not get the love from the Liverpool fans that is shown towards our teammate Robbie Fowler. That might be the emotion and the irrationality of Liverpool fans, but it is all worth considering for Trent."

There would be ill-feeling directed toward Alexander-Arnold. There would be questions of the Liverpool hierarchy, too, if such a talent went for free. There are mitigations — the change in sporting director and behind-the-scenes structure, and exit — but it would be a big player to replace with no transfer fee to reinvest.

While Liverpool would not get a fee for Alexander-Arnold and there would be no point trying to find another version of the unique talent, getting another body in would be a must. might be backed to step up but he couldn't do it all on his own.

Jeremie Frimpong at Bayer Leverkusen is a good player with attacking instincts and he would come with the benefit of having a release clause (relatively modest, too, at around $42 million). Whoever it is, though, they would need to be their own man. There would be zero point in anyone coming in trying to replicate what Alexander-Arnold offers, because it is almost impossible.

Because no one can play the right-back role quite like Alexander-Arnold, there would be a tactical question for to work out in terms of what he wants. When Bradley comes in, for instance, he tends to stay wider and overlap the winger more often.

Alexander-Arnold has been popping up in central areas less often this season for Liverpool but he has an excellent relationship with Salah and has been spraying passes in behind for him to run onto. Assuming the Egyptian stays put, it would change the dynamic for him should Alexander-Arnold depart.

Ideally, both players — who will start this weekend against — would pen new terms and continue that relationship beyond the summer. The closer it gets to that point, though, the more the worry is likely to grow among the Liverpool fanbase.