Real Madrid have since ruled out a move for Fernandez, leaving Manchester City as the only known contenders. City, now managed by Enzo Maresca, who departed Chelsea midway through last season, are also weighing up a move for Lille’s Moroccan midfielder Ayoub Bouaddi, and it’s unclear if they would meet Fernandez’s valuation.
Chelsea have set a 17:00 BST Friday deadline for bids and intend to hold firm at £120m, despite paying £107m to sign him from Benfica in 2023. The cutoff is designed to end uncertainty ahead of the new season after giving Fernandez and interested clubs roughly 60 days to complete a deal at what Chelsea deem a fair price.
New head coach Xabi Alonso has discussed the situation with Fernandez but has not shared details. Chelsea are understood to be ready to fully reintegrate him and continue to rely on him as a key player.
Fernandez recorded 15 goals and seven assists in 54 appearances last season, then helped Argentina reach the World Cup final, where he was sent off in a 1-0 defeat to Spain. He rejoined Chelsea training this week for the first time under Alonso.