Chelsea set new eye-watering price tag for Pedro Neto as Al-Hilal agree personal terms to hijack Man City and Arsenal move

Chelsea have informed suitors that they want close to £100 million if they are to part ways with Pedro Neto this summer, according to Daily Mail. The 26-year-old, who moved to west London in a £54m move from Wolves in 2024, has become one of the most talked-about names in the final weeks of the transfer window.

The hierarchy at Stamford Bridge has shifted their valuation upward after observing recent market trends. The club points to Real Madrid’s deal for Yan Diomande, worth up to £120m, and the massive price tags placed on Paris Saint-Germain's Bradley Barcola, who is targeted by Liverpool, as justification for their new stance.

While Premier League heavyweights have been circling, it is Saudi Arabian side Al-Hilal who have made the most decisive move. Reports suggest that Neto has already approved the move to Al-Hilal, having privately struck an agreement on personal terms. The Riyadh-based outfit is reportedly ready to offer a fee in the region of €60m (£51m), though this falls significantly short of the new valuation Chelsea have communicated to the market this week.

The Portuguese international's representatives have yet to officially comment on the links to the Middle East, but the development has put domestic rivals on high alert. If Chelsea do sanction a sale, it would leave them with limited time to find a replacement before the deadline.

The news comes as a blow to Manchester City and Arsenal, both of whom have tracked the winger for several months. New Man City boss Enzo Maresca is desperate for a reunion with Neto, having identified his former player as a primary target to add dynamism to his frontline at the Etihad.

Mikel Arteta is keen to add depth to his wide options, but Chelsea’s massive asking price could prove a bridge too far for the Gunners, who are now focusing on defensive additions. The competitive landscape has changed rapidly, and the financial might of the Saudi Pro League has once again disrupted the plans of Europe's elite.

Despite the noise surrounding his future, Neto featured prominently in Chelsea’s final pre-season clash against Real Sociedad. Manager Xabi Alonso is attempting to block out the speculation as he prepares for his first competitive game in charge against Fulham. Speaking after the 3-1 victory over the Spanish side, the coach said: "It was a very good last preparation game. For some players it was the first one and the last one. For us, there were some good things, some things we can improve. It's normal at this moment for some players. It was great to have all the team together."

The Chelsea boss will be hoping for clarity soon, as the club continues to balance its squad and financial obligations. Alongside the Neto situation, the Blues are also dealing with interest in Tosin Adarabioyo and have valued striker Nicolas Jackson at around £65m.