Chelsea have set a deadline of 17:00 BST on Friday for any clubs interested in midfielder Enzo Fernandez to submit offers of £120m or more. The 25-year-old Argentina international has been at the centre of transfer speculation since March, when he first indicated a potential move to Real Madrid.
His agent, Javier Pastore, publicly stated around that time that Fernandez felt underpaid and wished to depart following a challenging season. Chelsea finished 10th in the Premier League and lost the FA Cup final to Manchester City.
Real Madrid have since confirmed they have "no intention" of signing Fernandez. Manchester City, whose new boss Enzo Maresca previously left Chelsea, are the only other known potential suitors, though it is unclear if they will meet the valuation. City are also reportedly targeting Lille's Ayoub Bouaddi.
Chelsea are expected to maintain their £120m asking price, despite signing Fernandez for £107m in 2023. The deadline aims to resolve the uncertainty before the new season begins, giving interested clubs approximately 60 days to finalise a deal.
New Chelsea manager Xabi Alonso has discussed Fernandez's future with him, but has not disclosed details of their conversation. Chelsea have reportedly made it clear they are prepared to fully reintegrate Fernandez into the squad as a key player. Last season, he scored 15 goals and provided seven assists in 54 appearances, and helped Argentina reach the World Cup final.