Liverpool is simultaneously top of the league and in crisis mode. The Arne Slot era is off to a flying start on the pitch, but the contract situation is the elephant in the room — with Trent Alexander-Arnold one of three key stars who could leave for nothing next summer .
Before that, the first crucial date in the calendar is January 1. From this point, foreign clubs (like Real Madrid, for instance) are free to approach Alexander-Arnold , Virgil van Dijk and Mohamed Salah in order to agree a free transfer ahead of time.
There's an argument that in each case, Slot would be losing one of his three most important players. But failure to secure Alexander-Arnold's future would be the one true dereliction of duty by the club , given that he is entering his peak years, looks destined for the club captaincy, and should be worth $150m or more.
From a sporting, business and emotional sense, it would be an unforgivable failure by FSG . But from Alexander-Arnold's perspective, one former Liverpool player believes choosing to move to Real Madrid would be understandable.
Speaking to Gambling Zone , Jason McAteer warned that the circumstances could be just right for a free transfer to the Bernabeu. "I just think the allure of Spain and Madrid and Carvajal being injured and coming to the end of his career, the space is there, isn't it?"
"I think Ancelotti will go at the end of the season," McAteer continued. "I think Xabi Alonso will slot in there. Why wouldn't he want Trent?
"Tchouameni, Mbappe, Bellingham, Rodrigo, Vinicus Jr. You know, they’re all young players who can dominate world football over the next five years."
Rattling off those names, it's clear that we are entering a new "Galacticos" era. Putting aside the huge sums he could earn, it's obvious that Alexander-Arnold would be flattered by an approach.
His strong bond with Jude Bellingham cements the threat still further. But McAteer did give some room for optimism as well:
"There's other positives for him to stay," he stressed. "He's a home-grown talent. He owes a bit to Liverpool.
"His mum's a Scouser and probably will tell him what to do. I've met her, she's brilliant, I love her to bits and she's a very strong character. There's a lot of positive influence around Trent: Alex Inglethorpe, his mum, different players."
But McAteer believes that the "chips are stacked against" Alexander-Arnold remaining at Liverpool beyond his current contract. He fears that the days of the one-club man may be over:
"I don't think you'll see a Steven Gerrard again. I don't really think it goes on anymore.
"There's so much more to football now, you know, off-the-field contracts, lucrative deals elsewhere. Real Madrid changes the whole landscape for Trent as a person and as a sportsman. It opens his world up to different opportunities.
"It's Real Madrid, it's Spain, another language, another culture. He's won everything at Liverpool. It's not like he’ll look back at his career and wish he stayed back to win the league."
Liverpool.com says: Even Gerrard himself was sorely tempted by a move away at one point, only to have a change of heart. With homegrown players, it's not over until it's over.
But it's true that Alexander-Arnold can leave in the knowledge he has already won it all at Anfield. Few would truly blame him for choosing Real Madrid, with the anger reserved for the Liverpool hierarchy and how this situation was allowed to unfold.
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