Manchester City have agreed a £125m fee with Chelsea for midfielder Enzo Fernandez, equalling the joint-British transfer record set by Liverpool's signing of Alexander Isak last summer, according to BBC Sport.

The two clubs reached a deal after roughly 24 hours of negotiations. Fernandez will now undergo a medical before putting pen to paper on a long-term contract at City, with personal terms not expected to pose any difficulty.

A familiar face for Maresca

Fernandez previously worked under City manager Enzo Maresca during the Italian's tenure at Chelsea, and Maresca has been eager to reunite with the Argentine following a significant loss of midfield options this summer.

The 2022 World Cup winner had been absent from Chelsea's last two fixtures — a 4-3 Premier League victory over Brighton and a 2-0 Carabao Cup win against Luton — with reports from Argentina indicating he had requested to be left out of both squads.

Record-breaking summer for City

This is the second time this summer that City have surpassed their own transfer record. The club first broke it with the £116m arrival of Elliot Anderson from Nottingham Forest.

Fernandez originally joined Chelsea from Benfica in 2023 for what was then a British record of £107m. His move to City now matches the £125m Liverpool spent on Isak — a fee that itself only became the benchmark earlier this summer.

The Argentine becomes the fourth player to move to a Premier League club for at least £100m this summer, joining Morgan Rogers (£117m to Chelsea), Bradley Barcola (£123m to Liverpool), and Anderson as part of an extraordinary window of spending in English football.