Forming an effective two-man strikeforce with compatriot Vinicius Junior, Rodrygo has had a direct hand in 26 goals in 50 appearances during the 2023-24 campaign.
The 23-year-old has struck 17 goals of his own in addition to providing nine assists, despite admitting that he is not a fan of playing in a central role, preferring the wide areas instead.
Rodrygo's contributions include five goals and three assists in 12 Champions League matches, and he is expected to get the nod to start Saturday's tantalising final against Borussia Dortmund.
The Brazil international only signed a new long-term deal with Los Blancos in November and is not due to become a free agent until the summer of 2028, but the impending arrival of Kylian Mbappe could have a knock-on effect on his future.
Real Madrid 'calm over Rodrygo future amid Man City interest'
Hoping to capitalise on the uncertainty, Marca claims that Man City have been running the rule over the former Santos winger, although Real Madrid are not concerned about the Citizens' interest whatsoever.
The report adds that Los Blancos are "very calm" over Rodrygo's immediate future, and the Brazilian is also keen to stay on at the Bernabeu, where no transfer or contract decisions will be made until after the Champions League final.
Nevertheless, Rodrygo recently added fuel to the fire surrounding a possible move to Man City, telling GQ Magazine that the current Premier League champions - whom Real knocked out on penalties in this year's Champions League - are currently the best team in the world.
However, Rodrygo's comments are not believed to come from a place of wanting to leave Los Blancos, who paid €45m (£38.4m) to poach him from boyhood club Santos five years ago.
The 23-year-old has since amassed 54 goals and 41 assists in 215 matches for Real Madrid, winning the Champions League, Club World Cup and three La Liga titles among other pieces of silverware.
How strong are Man City's chances of signing Rodrygo?
Money is never a concern for Man City - at least not while the outcome of their 115 charges is yet to be decided - but they might be fighting a losing battle to prise Rodrygo away from the Spanish capital.
While it is true that Mbappe's arrival will shake up Ancelotti's attacking ranks, neither Vinicius nor Rodrygo should lose their status as undisputed starters; instead, a formation tweak is surely on the cards.
Ancelotti has favoured a 4-3-1-2 setup this term, with Jude Bellingham operating just behind Vinicius, Rodrygo or Joselu, but the signing of Mbappe could lead the Italian to revert to a 4-3-3 with the Frenchman leading the line.
Rodrygo would therefore be able to revert to his preferred wide position - another incentive for him to continue in the famous white strip - while competition for attacking spots at Man City is already rife.
Bernardo Silva and Jack Grealish's futures may be uncertain, but Phil Foden, Jeremy Doku and the up-and-coming Oscar Bobb are all at Pep Guardiola's disposal.