Real Madrid have announced that Rodrygo has extended his contract at Bernabeu until June 2028.
The 22-year-old has been with Los Blancos since July 2019, representing the club on 179 occasions, scoring 39 goals and registering 33 assists in the process.
Rodrygo has won two La Liga titles, one Copa del Rey, two Spanish Super Cups, one Champions League, the UEFA Super Cup and Club World Cup during his time at the club.
There has recently been speculation surrounding a potential extension for the Brazil international, and Real Madrid announced on Thursday that his deal will now run until June 2028.
"Real Madrid C. F. and Rodrygo have agreed a contract extension for the player, who remains tied to the club until 30 June 2028," read a statement on the club's official website.
Rodrygo was in excellent form for Real Madrid during the 2022-23 campaign, scoring 19 goals and registering 11 assists in 57 appearances in all competitions.
However, the Brazil international has found it difficult to make his mark this term, only managing two goals and one assist in 14 appearances.
Rodrygo has not scored in La Liga since the opening weekend of the 2023-24 campaign, drawing another blank against Barcelona in El Clasico last weekend.
The attacker said on international duty last month that he is not happy with his current position in the side, as he is being asked to play as a centre-forward, mostly alongside Vinicius Junior, with Karim Benzema leaving over the summer when his contract expired.
Real Madrid recently announced a contract extension for Vinicius, and it is understood that Eduardo Camavinga and Federico Valverde will also soon sign new deals.
Eder Militao could allegedly be next in line, with Los Blancos said to be planning to offer him a new and improved deal to remain at Bernabeu.
The 25-year-old's existing contract is due to expire in the summer of 2025, and he could also potentially be handed an extension for another two or three years.
Militao remains on the sidelines with an ACL injury, although there have been suggestions that he could return to the field by the end of March due to how his recovery is progressing.
Real Madrid will be bidding to make it three wins in a row in all competitions when they welcome Rayo Vallecano to Bernabeu in La Liga on Sunday night.