The 29-year-old Madrid native began his senior career at Villarreal before signing for Atletico Madrid in 2018. He moved to City a year later and has since enjoyed a highly successful spell in England, winning the Champions League once and four Premier League titles among a host of major honours.
"Would I like to play in Spain again, in LaLiga, in Madrid? I'd like to return, yes, obviously," Rodri told Onda Cero's Radioestadio Noche programme ahead of Spain's friendly against Serbia on Friday.
"I have a year left on my contract; there will come a point when we'll have to sit down and talk."
Rodri, who is working his way back to top form after rupturing his anterior cruciate ligament in 2024, said having played for Atletico would not prevent him from making a move to their city rivals.
Former Atletico players to have made that switch include goalkeeper Thibaut Courtois and forward Alvaro Morata.
"There are other players who have gone down that path - not straight away, but in time. You can't turn down the best clubs in the world," Rodri added.
Rodri also played down any suggestion of rivalry with Vinicius Jr after Real boycotted the 2024 Ballon d'Or ceremony, when the City midfielder won the award ahead of the Brazilian winger.
"I think they wanted to pit Vinicius and me against each other, but not at all," Rodri said. "I have great respect for him and for everything he did that year too. In the end, it's other people - third parties - who decide who wins the Ballon d'Or."