The Reds academy product is out of contract in June, and can negotiate with clubs from overseas in January ahead of a possible free transfer.
Real Madrid's links to the 26-year-old have been well documented, and the Reds star recently insisted any new contract will be kept under wraps.
Now, though, a new interview with the right-back has been released - and it's got a bunch of Liverpool supporters convinced he's heading to the Bernabeu.
Speaking to Men in Blazers, the England international was asked what else he wants to achieve in his career after winning so many trophies at Liverpool.
He said: "Of course winning more trophies, but I think on a personal level it's a legacy, building a legacy.
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"I think that that's important."
Pressed on what the legacy would be, he replied: "Just being spoken about in the highest regard. Especially after you've finished.
"So I think in 10, 15 years, if I'm spoken about as one of the best right-backs or the best right-back, then that's what I'm playing for I think and using as motivation."
Fans in the comments of the interview were calling for Alexander-Arnold to stay, but others revealed they were now convinced he was leaving.
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"This is the interview that convinced me Trent is going to Real Madrid," one wrote.
A second said: "From this interview I think it's almost certain he's about to go."
A third added: "I think he's off to Real Madrid.
"But hearing him speak about it makes me a lot more sympathetic to him about the decision, as until now he's been entirely silent as well as putting in a recent baffling performance v Fulham.
"Just sign a deal and let the club have some money to reinvest please. Otherwise good luck."
Former Liverpool defender Jamie Carragher has warned Alexander-Arnold Reds fans may find it hard to see him as a club legend if he leaves for Real Madrid this summer - especially if he departs on a free.
Writing in The Telegraph, he said: "As a local lad, you are always treated differently. We saw it with Steven Gerrard.
"Even contemplating leaving for Chelsea on two occasions in his career temporarily damaged his relationship with Liverpool fans. Was it fair? It was simply the reality with a passionate, tribal fan base.
"My teammate Michael Owen had one year left on his contract when he joined Real from Liverpool in 2004.
"He too was in a struggling Liverpool team with a new manager coming in - Rafael Benitez - and a good deal of uncertainty.
"Again Real paid only £8million for a footballer who was worth much more.
"Michael's time at Manchester United later in his career would have done more damage to his legacy but still - the terms of his departure to Real did not help."
Liverpool academy product - and now Reds legend - Steve McManaman, meanwhile, also left on a free transfer for Real Madrid in 1999.
It's likely some will be bitter over his exit if Alexander-Arnold does indeed become a Real Madrid player in the summer - but it's also as likely many others will wish their boyhood star well in his future career.
Simon Jordan tells Liverpool to let Trent Alexander-Arnold leave on free transfer
Alexander-Arnold has made 20 appearances this season, grabbing four assists so far.
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He's been a key cog in Liverpool's teams since his debut in 2016, winning the Premier League and Champions League, as well as the FA Cup and two League Cups under former manager Jurgen Klopp.
Liverpool currently sit top of the Champions League and Premier League.