The duo played a key role in Real Madrid domestic and European success in 2021/22 with Carlo Ancelotti looking to build a dominant young team.
Rodrygo netted nine goals in all competitions last season and his future at the club looks clear.
According to reports from Marca, the club have agreed a deal in principle, which extends his contract from 2025 to 2028.
As part of their strategy to block future transfer interest in him, the contract will also include a mega money release option.
Rodrygo has consistently stated his desire to stay in Madrid, with the former Santos forward now expected to join Vinicius Jr, in committing his future to the club in the coming weeks.