Vinicius Junior’s future at Real Madrid remains up in the air.A year and a half after the Spanish club and the Brazilian’s agents opened talks over the renewal of his contract, which expires in 2027, no agreement has been reached.Several suitors are keeping a close eye on the situation, with The Athletic revealing that Arsenal are exploring a move for him. Arsenal’s ownership have also given approval to the idea of moving forward with a deal. Vinicius is Arsenal’s top target to strengthen their attack. A move to Arsenal appeals to the Brazil international if he does not renew his contract with Madrid. Should the attacker decide he wants to join Arsenal, an agreement is expected to be found on personal terms.“(Mikel) Arteta loves him,” a person with knowledge of the Arsenal manager’s outlook says. “If he doesn’t renew, we will be there.”The financial differences between Madrid and Vinicius remain significant, with the sides scheduled to hold conversations next week to bring the matter to a head. The player is due back in training by then. It is anticipated the days ahead will be crucial to determining the outcome.As it stands, three options remain open: extend with Madrid, wait until next summer to depart as a free agent or join Arsenal now.Here, after speaking to multiple sources familiar with the process — all of whom spoke under the condition of anonymity to protect relationships — The Athletic explains the current state of play regarding the 26-year-old.When Madrid and Vinicius began discussing a contract renewal, few people would have thought that it would become a saga.Having joined the club in 2018 from Flamengo for €45 million, Vinicius renewed in 2022 until 2027. That extension was carried out smoothly but also gave some indication of what the future might hold.The club presented him with different financial offers depending on the length of the contract, with less money if he signed until 2027 instead of 2028 (as his compatriots Eder Militao and Rodrygo Goes did that same summer) or 2029.Vinicius Junior has a contract with Madrid until summer 2027 (Fran Santiago/Getty Images)At the time, Vinicius and his inner circle were confident that his outstanding season – in which he scored the decisive goal in the Champions League final against Liverpool – was just the beginning of his establishment as an elite player. Based on that, they favoured a shorter renewal in order to renegotiate new, improved terms sooner.With his salary that rises over time and the fulfilment of various bonuses, particularly winning FIFA’s The Best award in 2024, Vinicius is currently earning around €18m net per season.In January 2025, general manager Jose Angel Sanchez and chief scout Juni Calafat met with Vinicius, two of his agents and his father — who holds a percentage of his rights — at Madrid’s Valdebebas training complex to approach the matter.