Chelsea can't afford another backwards step by cashing in on Enzo Fernandez despite tempting Real Madrid transfer interest

Fernandez's time at Chelsea has been a slow burn, but three years on from his arrival, it feels as though we are beginning to witness a player entering his peak years. Enzo Maresca's arrival as head coach in the summer of 2024 seemed to propel his game to another level, while Moises Caicedo's form at the base of midfield has freed him up to assert himself further up the pitch.

Having racked up a combined 26 goals and assists last term, albeit those numbers are padded by the Conference League, Fernandez has struck eight times and laid on four more from the middle of the park this time around, and we're only in January. That figure doesn't include his four Club World Cup contributions, either.

But his eye for goal and creativity are not even his greatest attributes, with his tireless running, intensity and leadership qualities, as he often dons the captain's armband, all absolutely vital to a young squad that is so often criticised for lacking nous and experience. It is rare that he is not among the Blues' top performers. 

Crucially, Fernandez has been a near ever-present, too, in a team that has had more than its fair share of injury problems; the Argentine has missed just one Premier League match so far, and that is despite struggling with chronic knee pain. It is little surprise that, according to The Athletic, he is considered to be the player who improved the most under Maresca by those within the walls of Stamford Bridge.

Speaking in an interview with Koora Break in November, Fernandez alluded to his strong relationship with Maresca and his coaching staff, saying: "I went through an incredible process here at the club with many changes, and well, today I feel very good with a group of people who are my team-mates, with whom I share every day, with the coaching staff. The truth is that I feel very happy today."

The concern now will be whether the Italian tactician's sudden and acrimonious exit from Stamford Bridge will have changed things. The head coach was dismissed on New Year's Day in the wake of an outburst against the club's hierarchy and the breakdown of his relationship with the board behind the scenes.

Fernandez shared a heartfelt farewell message to Maresca on social media in the aftermath, writing: "Mister, thank you for everything shared and experienced during this stage, I learned a lot and I value every advice and experience. We won two titles together that I will never forget. Much success to you and hopefully our paths will cross again in the future."

Two weeks later, reports emerged in France claiming that the midfielder was 'considering his future' in west London as a result of the decision to part ways with Maresca, with the suggestion that he is growing disillusioned by the managerial churn at Chelsea; Maresca's replacement, Liam Rosenior, is the seventh manager he has worked under in just three years if you include interims Bruno Saltor, Frank Lampard and Calum McFarlane.

According to L'Equipe, it is Paris Saint-Germain who are keen to capitalise on Fernandez's purported disenchantment with the way Chelsea are being run, earmarking him as a long-term target as the Champions League winners look to build a more competitive squad having fallen below their lofty standards so far this season.

Fernandez has long been linked with La Liga giants Real Madrid, too, but that speculation seems to be gaining more momentum as Los Blancos face up to the possibility of having to overhaul parts of their squad in what could become a transitional period following Xabi Alonso's sacking. The midfielder has previously admitted to "always" playing as Real on video game EA FC.

However, all of this is caveated by the fact that Fernandez still has a massive six years to run on his contract with the Blues, and because his current employers overpaid massively to sign him in 2023 for £107m, he will command a fee that would surely need to be north of that, which feels likely to price Madrid out of the equation. Whether PSG see fit to go that high for someone who wouldn't necessarily start among a group of midfielders that features Vitinha, Joao Neves and Fabian Ruiz remains to be seen.

It is worth noting that the 25-year-old did switch representatives recently - often a sign that a player is weighing up his future - and has conspicuously signed with the agency owned by his compatriot and former PSG player, Javier Pastore.

For what it's worth, new Chelsea head coach Rosenior has been outspoken in his desire to keep one of the club's most influential figures. Addressing the speculation surrounding his player, the 41-year-old said: "It means nothing to me. When you’re a world-class player, an outstanding player, there’s always going to be speculation that you can't control. He's been outstanding in the time I’ve worked with him.

"He’s even surprised me in a good way in terms of what he did on Saturday - to be ill and cover the ground that he did, the way that he's trained and the way that he's performed. He's a Chelsea player. He's very important to me. And I think we’re going to have a really, really good, hopefully winning relationship moving forward in the short term and the long term."

Rosenior added: "I think Enzo, because he's got an extreme skillset; technically he's outstanding and he covers ground well, he finishes, he scores goals, he arrives late in the box, he arrives well in the box. A player of his level can do many different things. I need to find out what the chemistry is like around his position, not just him but for all the players. I don't say players are one position, I've always used players in different roles. I will do that with Enzo because he's an outstanding player."

However, Rosenior's position on Fernandez may well be undermined by those above him in the Stamford Bridge food chain. It has been reported that Chelsea are in fact willing to sell one of their prized assets, with Enzo not among a group of players - presumably including Caicedo and Cole Palmer - who are considered to be off limits when it comes to transfer offers.

The implication is that, should a bid arrive that is close to their valuation, the Blues would surprisingly be open to doing business. Bearing in mind the eye-watering fee that Fernandez arrived for three years ago, it would surely take an astronomical figure to really pique Chelsea's interest, but it seems an exit isn't out of the question.

This is the BlueCo model, after all: buying young, high-potential players, developing them, inherently increasing their market value and eventually selling them for a profit. This would just be the most extreme example of it, and it is not a deal that would go down well amid bubbling disgruntlement among the fanbase over the way the club is being run.

Selling Fernandez at this stage of Chelsea's transition would be the latest in a string of grave missteps in the transfer market by BlueCo. Having been there since almost the very start of their stewardship, the Argentine is one of the faces of their so-called 'project' - something he has demonstrated that he is heavily invested in.

"I think last season was the first year in which we've really seen what the Chelsea project is about, having seen only a few moments of potential on the pitch in recent years," he said in a recent interview with Ben Jacobs. "We aren't settling for that as we want to keep competing at the highest level and fighting for the Premier League and Champions League, so I think we're on the right path."

Indeed, despite the chaos that has unfolded around him, Fernandez had bought in even before he signed with the club. "When Chelsea came in for me, I had no doubts," he continued. "I wanted to make the move up, in sporting terms, to the Premier League. I wanted to come to Chelsea at all costs and didn't want to let the opportunity pass me by. Everyone knows that and thank God it worked out. I’m here now and I’m very happy."

Though Maresca's exit has brought more uncertainty, there is no doubt that Chelsea stand within reach of tangible, consistent success once again, if they play their cards right. But what kind of message does selling one of your star players to exactly the kind of elite club they want to be competing with send? This is not the way for Chelsea to take that next step.