Enzo Fernandez has made clear he wants to leave Chelsea this summer following the club's failure to qualify for European football, with the London side prepared to let the Argentina midfielder go — but only for a fee of £120m.

The 25-year-old arrived at Stamford Bridge from Benfica in January 2023 for a then-record British transfer fee of £107m and remains contracted until 2032, a lengthy commitment that is reflected in Chelsea's lofty valuation.

Despite being considered part of the club's plans for the upcoming season, Chelsea have signalled they would be open to offers that meet their asking price. Fernandez, who finished runner-up in the club's player of the season award, scored 15 goals and registered seven assists across an otherwise disappointing campaign in which Chelsea ended up 10th in the table and claimed no silverware.

Real Madrid the preferred destination

Fernandez's agent, Javier Pastore, is actively scouting potential destinations, with Real Madrid identified as his client's preferred move. However, Real are reluctant to meet Chelsea's valuation unless they generate substantial funds through player sales — the Spanish giants have also been linked with Manchester City midfielder Rodri.

Manchester City represent an alternative option for Fernandez, though their immediate transfer priority is reported to be Nottingham Forest's Elliot Anderson. City are also expected to confirm the appointment of former Chelsea head coach Enzo Maresca as Pep Guardiola's successor in the coming days.

Paris Saint-Germain, who have been previously linked with a move for Fernandez, have moved to cool speculation, with the French club downplaying the prospect of a transfer.

Chelsea eye Premier League reinforcements

Senior figures at Stamford Bridge acknowledge that substantial investment is required ahead of next season. New manager Xabi Alonso is expected to be backed in the transfer market, with Chelsea prioritising established, Premier League-ready talent as the club looks to rebound from a deeply underwhelming campaign.