Manchester City's turbulent run of form has opened the door to a potential exit for record signing Enzo Fernandez, with Real Madrid reported to retain a strong interest in the Argentine midfielder.

City had begun the Premier League season impressively, winning their opening seven matches under manager Enzo Maresca. However, three defeats in four games have knocked them off the summit, with Arsenal reclaiming top spot over the weekend following the latest setback — a loss to Brighton & Hove Albion.

Real Madrid's lingering interest

According to reports from Fichajes and Bernabeu Digital, Real Madrid are monitoring Fernandez's situation at the Etihad Stadium. Los Blancos have been linked with Liverpool's Alexis Mac Allister, yet their interest in the 25-year-old Argentina international has not cooled despite his big-money move to City.

Fernandez joined Manchester City for around £125 million in the summer of 2026 — the club's highest-ever transfer fee — reuniting him with Maresca after a spell at Chelsea, where he had arrived for nine figures in January 2023 following his breakout displays for Argentina at the 2022 World Cup.

Struggles on the pitch

The midfielder has found life difficult in Manchester so far. According to Gradient Sports, Fernandez ranks in the 66th percentile for duel-winning this season — a concern that was laid bare on Saturday when Erling Haaland visibly expressed his frustration with his team-mate during the defeat to Brighton & Hove Albion.

When Fernandez lines up alongside Elliot Anderson in a double-pivot, it is Anderson who shoulders the majority of the defensive burden, leaving questions over how effectively the two operate together in the middle of the park.

An uncertain future

City invested over £1 billion in their squad across the past three seasons, with Fernandez joined by the likes of Ayyoub Bouaddi and Anderson — signed for a combined £300 million in the summer of 2026 alone — as well as Rayan Cherki and Phil Foden providing further options at No.10.

FourFourTwo understands that City remain committed to Fernandez and would not have broken their transfer record without conviction in his quality. His future, however, is closely tied to Maresca's own position at the club. Were the manager to depart, Fernandez's standing could become considerably less secure.

With the club's Premier League charges still unresolved, and a wealth of midfield options available, City may find themselves willing to entertain offers for Fernandez next summer — regardless of whether they remain in the top flight. Transfermarkt currently values the midfielder at €120 million. Meanwhile, City face RB Leipzig in the UEFA Champions League this week.