Chelsea have told interested clubs—chiefly Real Madrid—that any summer approach for vice-captain Enzo Fernández will start at €120 million, setting the stage for one of the coming window’s most expensive transfer sagas.
Madrid come knocking—again
The Spanish giants have tracked the Argentine midfielder since his breakout at the 2022 World Cup and were close to opening talks before Chelsea’s record-breaking £106.8 million purchase in January 2023. Their long-standing admiration has only intensified after Fernández’s stellar 2024/25 campaign—seven goals and 13 assists while clocking more than 3,300 minutes under Enzo Maresca.
Club sources in Spain confirm that exploratory conversations between Fernández’s entourage and Madrid’s recruitment department have resumed in recent weeks. While no formal bid has been tabled, Madrid’s hierarchy regard him as an alternative to top target Florian Wirtz and a successor to the ageing Luka Modrić.
Why the price is so high
Chelsea’s stance is twofold. First, the Blues consider Fernández indispensable to Maresca’s project; second, they must protect themselves against another Financial Fair Play deficit after two seasons of heavy spending. A fee below €120 million is viewed as “quixotic” inside Stamford Bridge, club insiders say, and any compromise would likely include significant add-ons or player exchanges.
Real Madrid’s balancing act
Despite their admiration, Madrid’s accountants are wary. A triple-digit outlay on Fernández would almost certainly require a major outgoing, with Brazilian winger Rodrygo the most realistic make-weight to generate funds, according to sources close to Valdebebas. Head coach-in-waiting Xabi Alonso still prioritises Bayer Leverkusen’s Wirtz for the No. 10 role, but Fernández’s ability to control tempo and break lines keeps him firmly on the shortlist.
Player’s position
Fernández, 24, is said to be “seduced” by the idea of wearing white and has privately expressed a fondness for Madrid as a city. However, the midfielder is not agitating for an exit and remains focused on helping Chelsea return to the Champions League. He signed an eight-and-a-half-year contract upon arrival, leaving the Blues in a position of strength.
What happens next?
- No discount: Chelsea will not negotiate below €120 million unless Fernández forces the issue—something neither side currently expects.
- Madrid’s domino effect: Any concrete bid depends on a high-profile sale (Rodrygo or otherwise) to comply with La Liga’s spending limits.
- Market timing: Both clubs would prefer clarity before pre-season tours begin in mid-July, meaning decisive talks could accelerate once the Champions League final concludes on 7 June.
Outlook
For now, the ball is squarely in Real Madrid’s court. If they meet Chelsea’s valuation—or structure a creative deal—Enzo Fernández could join a new-look midfield at the Bernabéu. If not, Chelsea will retain a player they see as the heartbeat of their rebuild. Either way, the €120 million price tag is set; the summer’s most intriguing midfield chase has officially begun.