Real Madrid suspect Rodrygo would turn down a proposal from Newcastle United if one eventually arrives, according to Spanish reporter Guillem Balague.
Newcastle have been linked with the Brazilian attacker, but the Magpies are yet to table a formal approach for him.
Madrid value the 24-year-old at €100 million, though a deal closer to €60m could be accepted towards the final stages of the summer market.
Arsenal, Liverpool, Tottenham Hotspur and Manchester City are also monitoring developments regarding his availability.
Still, none of those sides have made a concrete attempt to secure him, meaning he may well stay in Madrid beyond this summer.
Newcastle might choose to hold back until the final days of the transfer window before lodging a serious bid, but the player is unlikely to welcome such a switch.
Madrid boss Xabi Alonso has stressed he remains part of his squad, despite Rodrygo featuring just three times at the Club World Cup.
The Spanish side played six fixtures in that tournament before being eliminated by Paris Saint-Germain at the semi-final stage.
His latest outing came as a brief four-minute substitute role in the quarter-final against Borussia Dortmund.
It seems Madrid would not hesitate to sanction his departure if the right offer was submitted, and a €60m fee could tempt Newcastle strongly.
Rodrygo must find consistent minutes if he wants to secure a place at the World Cup next year, raising the prospect of a late exit.
Newcastle can hand him Champions League football and a starting berth, which may encourage him to give the move some consideration.