The full-back's current deal is due to expire at the end of the current campaign, which would make him a free agent.
However, Freedman has admitted that Wanderers would like to keep hold of the 22-year-old defender.
"Marcos is playing by the rules," said Freedman. "He has been offered a new contract and it's so far so good."
Alonso joined the Championship outfit from Real Madrid in 2010.