Chelsea have given clubs interested in signing Enzo Fernandez until 17:00 BST on Friday to submit offers of at least £120m, as the west London club moves to resolve the midfielder's uncertain future ahead of the new season.

The 25-year-old Argentina international has been at the centre of speculation since March, when he signalled an interest in joining Real Madrid. His agent, Javier Pastore, further complicated the situation by publicly declaring his client was underpaid and eager to leave Stamford Bridge following a disappointing campaign — Chelsea finished 10th in the Premier League and fell to Manchester City in the FA Cup final without lifting a trophy.

Real Madrid out, City interest uncertain

Real Madrid have since distanced themselves from a move, stating publicly they have "no intention" of signing Fernandez. That leaves Manchester City as the primary known suitor, a connection strengthened by the fact that new Chelsea boss Xabi Alonso's predecessor, Enzo Maresca, departed Stamford Bridge for the Etihad Stadium midway through last season.

However, whether City would be prepared to match Chelsea's £120m asking price remains an open question. The Premier League champions are also reported to be pursuing Ayoub Bouaddi, the Moroccan midfielder currently at Lille, as they shape their summer recruitment.

Chelsea firm on valuation despite original fee

Chelsea's stance is resolute — the club are understood to be holding firm to the £120m price tag despite having purchased Fernandez from Benfica in January 2023 for £107m. The Friday deadline is designed to draw a line under weeks of speculation before the season gets underway.

New head coach Xabi Alonso has spoken privately with Fernandez about his situation, though Alonso has chosen not to reveal the specifics of their exchange. Chelsea's message internally is clear: should Fernandez remain, he would be fully reintegrated into the squad and continue to play a central role.

A season of goals, assists, and heartbreak

On the pitch, Fernandez delivered in spite of the turbulence around him — registering 15 goals and seven assists across 54 appearances for Chelsea last season. He then played his part in helping Argentina reach the World Cup final, though his tournament ended in misery: he was sent off as Argentina lost to Spain 1-0.

Fernandez reported back for pre-season training at Chelsea this week, his first sessions under Alonso, as the clock ticks toward Friday's high-stakes deadline.