Chelsea are already at the centre of transfer-market drama, less than a week into the off-season, with the window yet to open for over two weeks.
It was a disappointing end to the season for the Blues, pipped to the European post with a demoralising loss away at Sunderland on the final day, seeing the west London club land in 10th place in the Premier League.
Given they are now comfortably into the billions in terms of outlay on players since BlueCo took control of the club in 2022, reasonable questions are being asked about their transfer policy, which sees young players bought for significant fees, in the hope they’ll develop at Stamford Bridge and grow in value.
Key component of Chelsea’s plans has eyes elsewhere
Those questions have been easier to bat away while the club have been competing in Europe, and winning the likes of the Club World Cup and the Conference League, but now with the prospect of no continental football, even their players are beginning to raise their eyebrows.
It appears that first out of the blocks in that respect, unfortunately for Chelsea, is Enzo Fernandez, who is the club’s record signing and has captained the side on a number of occasions this season.
🚨 BREAKING: Chelsea value Enzo Fernandez at £120m.Preference to keep, but no breakthrough in contract talks.⚠️ Understand Fernandez wants to leave and would welcome a Real bid.Nothing advancing with #MCFC despite Enzo Maresca's appointment. pic.twitter.com/IiaccnthEFMay 27, 2026
According to BBC Sport journalist Nizaar Kinsella, Fernandez wants to leave Chelsea as a result of the side failing to qualify for European football.
This isn’t the first time the Argentina international has cast his glance elsewhere, making comments to media in his home country on international duty that suggested he didn’t know where he’ll be playing next season, and talking up the potential of one day living in Madrid. His comments led to a two-match suspension from then-boss Liam Rosenior.
Real Madrid are one of the sides Fernandez’s agent is looking at as a landing spot, according to Kinsella’s report, with Manchester City an alternative option.
Both are set to be difficult though, as Chelsea still view the 25-year-old as part of their plans, but are said to be willing to consider offers around £120m.
The eye-watering fee comes as a result of Chelsea’s transfer strategy relying on profits from player sales – it’s estimated by The Athletic that, as a result of his £106m transfer in 2023, Fernandez still has a book value of £77.6m, meaning, in short, that selling him at anything less than that figure would go down as a loss in the Blues’ accounts.
But whether any club is going to be willing, or able, to pay anything close to that fee remains questionable, in FourFourTwo’s view.
Los Blancos are said to need raise significant funds from player sales to even consider it, and even then already have their eye on City’s Rodri.
Meanwhile, there may be a player-coach link at the Etihad Stadium with Enzo Maresca taking over from Pep Guardiola, but the Manchester club are already strongly linked with a move for Nottingham Forest’s Elliot Anderson, who would surely take up much of their midfield budget this summer.
Fernandez is valued at €90m, according to Transfermarkt.
