Why Enzo Fernandez is now expected to stay at Chelsea
Chelsea value Enzo Fernandez at £120m after Manchester City missed the club’s deadline to submit a bid for the midfielder.
Chelsea’s £120m stance on Fernandez
According to Sky Sports, the 5pm Friday deadline Chelsea set for City to bid for Fernandez passed with no offer made. The club now expect the 25-year-old to remain at Stamford Bridge for the entire 2026/27 season, with their £120m valuation making a move unlikely for now.
It is understood that the verbal terms and conditions put to Fernandez’s representatives in May, which would have made a move at that valuation possible, are off the table. This is not a completed negotiation or a rejected bid in the traditional sense: City did not move before Chelsea’s cut-off, and the situation remains at the reported-interest stage rather than anything more advanced.
Chelsea signed Fernandez from Benfica for around £107m in the 2023 winter window, so a £120m valuation represents a premium on that outlay for a player who has six years left on his contract. Chelsea imposed the deadline to avoid the distractions that followed Enzo Maresca’s shock New Year’s Day departure, with the club wanting Xabi Alonso and the squad to focus on the season ahead. More detail is available in our coverage of Chelsea’s original deadline ultimatum.
City’s interest has not yet translated into an offer. Maresca, who worked closely with Fernandez at Chelsea, is understood to rate him highly, while relations between the two clubs remain strained after the £17m compensation City paid to appoint Maresca. That backdrop has not stopped City weighing up a move, but Sky Sports News’ Alan Irwin said Chelsea’s unilateral deadline was unlikely to force City’s hand and that City’s next steps may depend on factors outside Chelsea’s control.
Chief among those factors is Rodri. Barcelona have had two bids rejected for the Spain captain, with City insisting they do not want to sell and wanting him to sign a new deal before his contract expires next summer. If Barcelona return with a fee City find acceptable, City could test Chelsea’s resolve over Fernandez again before the window closes on September 1, although that remains speculative. City are also in talks with Lille over Ayyoub Bouaddi and have signed Elliot Anderson from Nottingham Forest for £116m.
For Chelsea, retaining Fernandez at this valuation would mean keeping the Argentina World Cup finalist as Alonso begins his first full season in charge rather than seeking a late replacement. It would also draw a line under a difficult few months in which Fernandez was dropped for two matches in April after admitting he would welcome a move to Madrid. Fernandez and his agent later apologised for those comments, while Real Madrid released a statement denying interest in signing him. Chelsea have said they want Alonso and his players focused on the new season.
The £120m figure is Chelsea’s valuation rather than an agreed fee, and there is no guarantee City will not bid before the window closes. Until City meet that valuation or their midfield plans change, Fernandez is expected to remain at Chelsea. The latest on where things stand between Chelsea and City remains worth following as September 1 approaches.
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