Chelsea had made clear that any club interested in the Argentina international needed to submit an offer matching their valuation by 5pm UK time on Friday. No formal bid arrived, and the west London club have since indicated that the verbal exit terms previously communicated to Fernández’s camp are now off the table.
Chelsea Take Full Control
Chelsea now consider themselves in complete control of the situation. The club value the 25-year-old at £120 million and expect him to remain at Stamford Bridge for the entirety of the 2026/27 season. The previous conditions under which a sale would have been considered are no longer available.
Fernández still has six years remaining on his contract, giving Chelsea a strong negotiating position. The Blues have signalled they are not prepared to entertain a cut-price departure later in the window or in January.
City Keep Channels Open
Despite missing the deadline, Manchester City have remained in contact with Fernández’s representatives. New head coach Enzo Maresca, who worked closely with the midfielder during his time at Chelsea, is understood to be keen on a reunion.
Any potential deal would depend heavily on the conditions Chelsea are willing to accept and whether City are prepared to meet a still-high valuation. The situation is further complicated by uncertainty surrounding the future of City’s own midfielder Rodri, who has been the subject of interest from Barcelona.
High Stakes Midfield Market
City have already invested heavily in midfield this summer, including a British-record deal for Elliot Anderson. Adding Fernández would represent another significant outlay and would require careful squad planning.
For Chelsea, the stance is clear: the player is not available at a reduced price, and any future negotiations would start from a position of strength. For City, the interest remains, but the path to a deal has become considerably more difficult.
The coming days will determine whether Manchester City decide to test Chelsea’s resolve with a revised proposal or turn their attention fully to other midfield targets before the transfer window closes.