The defender is currently away with England on international duty and his comments about wanting to win silverware have caused concern amongst Liverpool fans given Real Madrid's courtship of the player.
Alexander-Arnold has struck up a close friendship with Real midfielder Jude Bellingham, and considering the scouser has less than a year left on his Reds contract, Liverpool may soon have to look elsewhere for solutions at right-back.
The vice-captain has already established himself as key to Liverpool boss Arne Slot's record-breaking start on Merseyside, and replacing the defender's unique profile would be a daunting challenge.
However, CaughtOffside claim that the Reds are monitoring Bayer Leverkusen's Jeremie Frimpong, Monaco's Vanderson and Fiorentina's Michael Kayode in case Alexander-Arnold departs the club.
Frimpong, Vanderson and Kayode assessed
While there have been criticisms of Alexander-Arnold's defending over the years, no one can doubt his contribution offensively, and the right-back is tied with Liverpool teammate Andy Robertson on 59 for most assists by a defender in Premier League history.
Frimpong could excel for the Reds in this regard given he has scored 29 times and assisted on 33 occasions in 194 games over his club career, including registering 26 goals and 29 assists for Leverkusen in 152 matches.
Twenty-three-year-old Vanderson has played 90 times for Monaco and has registered seven goals and 11 assists, including one of each in his six Ligue 1 games this term, as well as two assists in his two Champions League fixtures this season.
Meanwhile, 20-year-old Kayode is comparatively less experienced considering he has played 40 times for Fiorentina, but he is highly regarded and could become an option for the Reds in the summer.
Liverpool will hope that they will not have to move for any amongst the trio, but it appears that the club are at least being proactive and carrying out due diligence in preparation for Alexander-Arnold's potential departure.
Slot and the big three
The prospect of losing Trent Alexander-Arnold on a free transfer to Real Madrid in the same manner as Steve McManaman in 1999 is no doubt an unwelcome distraction for Slot, who also could lose captain Virgil van Dijk and star Mohamed Salah for free at the end of the season.
Van Dijk is 33 years of age but has shown few signs of slowing down, and there have been suggestions that Liverpool would look to offer the Dutchman a new contract after they manage to secure Ibrahima Konate to a new deal.
Salah may be 32 years old but the Egyptian is enjoying a remarkable campaign so far, and is in fact averaging more goals, assists, big chances created, successful dribbles, ground duels won and progressive passes per 90 in the Premier League this term than he has across the past seven seasons.
Alexander-Arnold is only 26 years old and should be entering his prime, so issues around the length of any new deal at the Reds seem unlikely to arise.
If the defender was to depart the club for free he may risk souring his relationship with fans, but there are right-backs on the market that Slot could turn to if Liverpool are unable to secure their vice-captain to a new deal.