Reports linking the Argentine midfielder with a move to Real Madrid have intensified in recent days, although sources insist that no formal contact has yet taken place between the clubs.
That situation could change soon, however, with Chelsea aware that Madrid may be preparing to make a concrete move for the 25-year-old.
While the Blues understand that Fernandez would be open to joining the Spanish giants should their interest become formalised, the Premier League side are keen to take charge of any potential negotiations.
Chelsea's position is clear, in that if Madrid are serious about signing Fernandez, they will need to act quickly and present an offer that truly reflects his value.
The club are not willing to allow uncertainty to linger deep into the transfer window and would expect to recoup the significant fee they paid to sign him, with an additional premium on top.
There is also a practical reason behind Chelsea's stance.
The club have already begun considering possible replacements and would prefer clarity sooner rather than later if Fernandez's future is set to become a major talking point this summer.
Among the names being monitored by Chelsea is Crystal Palace midfielder Adam Wharton. Flashscore recently revealed that Tottenham Hotspur are also tracking the England international, even as they continue their pursuit of Newcastle United's Sandro Tonali.
For now, Madrid's interest remains at an exploratory stage - but Fernandez was already dealt an internal suspension at Chelsea last season for making comments that were perceived as him flirting with joining them.
The Spanish club are understood to remain cautious about ensuring any deal represents good value, a factor that could complicate negotiations if they decide to advance their pursuit.
Dean Jones is a transfer news and football insider for Flashscore, since 2025. He has been a journalist on leading UK newspapers and websites over the past 20 years, establishing himself as an authoritative and trusted voice in the industry.
