Chelsea Demand £120m For Fernandez As Friday Transfer Deadline Looms
Chelsea have given Manchester City until 17:00 on Friday to submit an offer matching the club’s £120 million valuation of midfielder Enzo Fernandez, according to multiple reports, with the Premier League club determined to resolve the Argentina international’s future before the start of the new season.
The deadline, first reported by BBC Sport and The Athletic on Wednesday, represents the culmination of a transfer saga that has dragged on since March, when Fernandez first signalled his interest in a move to Real Madrid. Madrid have since indicated they have no intention of pursuing the 25-year-old, leaving Manchester City as the only known suitor.
Chelsea are understood to have communicated the deadline to both City and Fernandez’s representatives, with the club’s valuation of the player having been made clear to his agent, Javier Pastore, since May. The west London club are expected to stand firm on their asking price, which represents a £13 million profit on the £107 million they paid Benfica for the midfielder in January 2023.
The deadline is designed to bring an end to the uncertainty surrounding Fernandez before the new Premier League campaign begins. Chelsea believe they have given the player and interested clubs approximately 60 days to complete a deal at what they consider a fair price. If no offer meets the valuation by Friday, the club have made it clear they are willing to fully reintegrate Fernandez into the squad and continue to regard him as a key player under new manager Xabi Alonso.
Fernandez’s 2025-26 campaign at Chelsea was statistically impressive but ultimately overshadowed by the team’s collective struggles. According to official club statistics, the Argentine made more appearances than any other Chelsea player, featuring 54 times across all competitions, with 49 of those appearances coming as starts. He accumulated 4,835 minutes on the pitch and finished as the club’s second top goalscorer with 15 goals, five of which were penalties. He also provided seven assists.
Among his most significant contributions were a last-minute equaliser that earned a point at Manchester City and a dramatic winner against West Ham at Stamford Bridge, a goal that marked his 150th appearance for the club. He also scored the winner in the FA Cup semi-final against Leeds and a long-range strike against Tottenham. His performances earned him a nomination for the Premier League Player of the Month award in January.
However, Chelsea’s season unravelled despite individual contributions. The club finished 10th in the Premier League with a record of 14 wins, 10 draws and 14 losses, their second worst finish since the BlueCo takeover. They ended the campaign without a trophy after losing the FA Cup final to Manchester City. The team also exited the Champions League in the round of 16. For a club that has spent over €1 billion under its current ownership, the return has prompted questions about the effectiveness of the squad-building project.
The uncertainty over Fernandez’s future has been fuelled in large part by public statements from his agent, Javier Pastore. In April, Pastore confirmed that contract renewal negotiations with Chelsea had stalled, with the agent arguing that his client deserved significantly more than his current earnings. Fernandez remains under contract until June 2032.
Speaking to Marca in July, Pastore was blunt about his efforts to secure a move away from Stamford Bridge. “Right now the player is calmly thinking about the national team,” Pastore said, according to reports. “He is playing a World Cup, he is very close to reaching the round of 16. He is only thinking about that and we are looking at possibilities to leave Chelsea, but there is nothing firm or confirmed at any club”.
Pastore also acknowledged the appeal of a move to Spain, stating: “Enzo likes Madrid? Who doesn’t LOVE Madrid”. However, no formal approach from Real Madrid materialised.
Fernandez’s summer was further complicated by a disappointing end to the 2026 World Cup. The midfielder started for Argentina in the final against Spain at the MetLife Stadium but was sent off in the last minute of normal time after receiving a second yellow card. He became the first player to be sent off in a World Cup final since 2010 and received Argentina’s first red card at a World Cup since 2006.
The dismissal occurred after Fernandez, already booked for dissent towards referee Slavko Vincic, made a challenge on Spain defender Pau Cubarsi. Argentina went on to lose the final 1-0. The red card meant Fernandez would have to serve a suspension in Argentina’s next competitive fixture and he will now have three weeks of rest as per Fifa guidelines before the new season.
Manchester City’s interest in Fernandez is understood to be driven in part by the player’s relationship with City’s new head coach, Enzo Maresca. Maresca left Chelsea midway through last season to take charge at the Etihad and enjoyed a strong working relationship with Fernandez during his time at Stamford Bridge.
However, it remains unclear whether City are willing to meet Chelsea’s £120 million valuation. The Premier League champions are also known to be targeting Lille’s Moroccan midfielder Ayoub Bouaddi, suggesting they may have alternative options if a deal for Fernandez proves too expensive.
New Chelsea manager Xabi Alonso has spoken to Fernandez about his future but has declined to disclose details of their conversation. The club have made it clear they are prepared to keep the Argentine and reintegrate him into the squad if no suitable offer arrives. Fernandez returned to Chelsea training this week for the first time under Alonso, with his future now set to be decided by Friday’s deadline.
If Manchester City or another club meet Chelsea’s £120 million asking price by Friday’s deadline, Fernandez would become one of the most expensive midfielders in Premier League history. If no offer materialises, he is expected to remain at Stamford Bridge and continue under Alonso for the 2026-27 season.
Chelsea begin their new Premier League campaign away to Fulham on Monday, 24 August. Whether Fernandez will be in the squad for that fixture depends entirely on whether any club meets the deadline.