Manchester City are preparing to submit a formal offer for Chelsea midfielder Enzo Fernandez, who has been valued at a minimum of £120m by the London club ahead of next week's transfer deadline.

Manager Enzo Maresca identified Fernandez as his primary midfield target following a string of high-profile departures from Etihad Stadium this summer. Maresca, who left Chelsea on New Year's Day, has maintained a positive relationship with the 25-year-old Argentina international.

A record-breaking price tag

Should the deal go through, Fernandez could rank among the most expensive transfers in Premier League history, second only to Liverpool's £125m signing of Alexander Isak last summer.

The move would also mark the second time City have shattered their own transfer record in a single window, having already spent £116m to bring Elliot Anderson from Nottingham Forest to Etihad Stadium.

Midfield overhaul at City

City's need for reinforcements in the centre of the park stems from four significant midfield exits. Tijjani Reijnders was sold to Saudi Arabian side Al-Quasiah for £52m, while Barcelona secured Rodri for £65m. Newcastle United agreed a £52m fee for Nico Gonzalez, and Bernardo Silva left earlier in the summer to join Real Madrid.

Fernandez's difficult spell at Chelsea

The Argentine's time at Stamford Bridge has been turbulent. He and his agent, former Paris Saint-Germain midfielder Javier Pastore, pursued interest from Real Madrid, though the Spanish club publicly denied making any attempt to sign him.

The unrest intensified after Chelsea were eliminated from the UEFA Champions League by PSG in March, a result that saw Fernandez grow increasingly vocal in his criticism of the club.

New Chelsea manager Xabi Alonso acknowledged in July that he had spoken privately with Fernandez — who joined Chelsea for £107m from Benfica in 2023 — but declined to reveal what was discussed.

Chelsea's record sale to date remains Eden Hazard's move to Real Madrid in 2019, a deal potentially worth around £150m if all performance-related add-ons were met.