There is no direct RPM option available via rpm command to extract an RPM file. But there is a small utility available called rpm2cpio. It Extract cpio archive from RPM Package Manager (RPM) package.
Example extract RPM file using rpm2cpio and cpio command:
# rpm2cpio somepackage.x86_64.rpm | cpio -idmv
Output of rpm2cpio piped to cpio command with following options:
i: Restore archive
d: Create leading directories where needed
m: Retain previous file modification times when creating files