We aren't able to identify the growth pictured, but if you have tree health concerns, it's best to have the tree evaluated by a certified arborist or licensed tree expert. They can not only look for indications of pests, diseases, and structural issues, but also look for sources of tree stress that might be predisposing it to problems.

There are some soil-dwelling fungi that create tough, leathery ball-like mushroom structures which can be strong enough to burst through a thin layer of asphalt (and commonly a lawn), and these decay organic matter in the soil without harming any live plants (trees, turf, or otherwise). Since they don't look like a conventional mushroom, that might be what you're seeing, but we can't be certain as it's both degraded a bit and larger than the "earthball" fungi we typically see. Wood decay mushrooms typically look quite different and will more overtly be emerging from wood (trunk, branches, or large woody roots), though it's always possible for something to emerge from a root hidden under the surface. Arborists can't treat wood decay or cure certain other conditions, but they can help to make a diagnosis.

Miri