The drawn-out uncertainty surrounding Enzo Fernandez's future at Chelsea is drawing comparisons to one of last summer's defining transfer stories — the protracted saga of Alexander Isak's £125m move to Liverpool.

Chelsea had reached an informal agreement with Fernandez's agent, Javier Pastore, in late May, allowing the Argentina midfielder to depart for £120m before a 14 August deadline. That date came and went without a single formal bid, and Chelsea have now informed Fernandez's representatives that he is not for sale this window.

Yet, as the Isak episode demonstrated, such declarations rarely end the story. Newcastle United spent weeks insisting Isak was unavailable — even as the Sweden striker trained away from the club with his former side Real Sociedad — before Liverpool finally announced a British record deal two-and-a-half hours after the transfer window closed.

City's pursuit continues

Manchester City, now managed by Fernandez's former Chelsea coach Enzo Maresca, retain strong interest in the 25-year-old and believe the London club remain privately open to a deal. Reports from Spain indicate Chelsea have enlisted prominent agent Jorge Mendes — who also represents winger Pedro Neto — to help navigate the situation.

City are simultaneously in advanced discussions over an £85m move for Morocco midfielder Ayyoub Bouaddi. The club have already reshaped their squad significantly this summer, following Rodri's departure to Barcelona. Elliot Anderson arrived from Nottingham Forest for a club-record £116m, Jeremy Monga joined from Leicester City for £12.5m, and goalkeeper Geronimo Rulli was signed from Marseille for £1.7m.

Should both Fernandez and Bouaddi complete moves to the Etihad, Maresca's total summer spend would surpass £330m. A portion of that outlay has been offset by the sales of Rodri and James Trafford, while the anticipated departures of Tijjani Reijnders and Savinho, alongside the exits of Bernardo Silva, John Stones, and Nathan Ake, have also helped ease the wage burden.

A complicated situation at Stamford Bridge

Fernandez's position at Chelsea is further complicated by his relationship with the supporters. When he came on as a substitute during Saturday's 3-1 pre-season friendly victory over Real Sociedad, his appearance was met with a mix of jeers and cheers — a reaction that repeated itself every time he touched the ball.

Earlier in the summer, Fernandez had pursued a move to Real Madrid, though the Spanish club later publicly denied any interest. Chelsea, for their part, appear determined to keep him: manager Xabi Alonso handed Fernandez the captain's armband when he replaced Reece James during Saturday's match, a gesture widely read as a show of intent.

Alonso has implemented a 3-4-2-1 system in pre-season — the same formation that guided Bayer Leverkusen to an historic league and cup double in 2024. With Moises Caicedo and James forming the midfield partnership and Romeo Lavia available from the bench, Chelsea are not short of options in that area of the pitch, particularly in a season without European football.

The final weeks will be decisive

Chelsea also know they must trim their squad before the window closes. They have already made a £64m offer for Bournemouth's Alex Scott — who the south-coast club insist is not for sale at any price — and were reportedly offered Arsenal's Myles Lewis-Skelly, though he is understood to prefer staying at Arsenal. Links to Crystal Palace's Adam Wharton and Monaco's Lamine Camara have also emerged.

Whether Chelsea ultimately sell Fernandez or successfully reintegrate him into Alonso's plans is shaping up to be one of the defining storylines of the transfer window's final fortnight.