Chelsea's surprising stance on selling Enzo Fernandez revealed as Real Madrid & PSG plot transfer assault

Despite the Argentine international being a central figure in the Blues' recent success - including their triumph in the UEFA Conference League last season - the hierarchy at Stamford Bridge has allegedly signalled that the 25-year-old is no longer considered "untouchable", according to Teamtalk.

The report suggests that intermediaries have been informed of Chelsea’s willingness to negotiate, provided their valuation is met. Fernandez, who joined the club in February 2023 for a then-British record fee of £106.8 million from Benfica, has a contract that runs well into 2032. However, the financial realities of modern football, combined with the club’s incessant desire to evolve their squad, means that no player is entirely off-limits. Previously, Chelsea had viewed Fernandez as the non-negotiable cornerstone of their project. Now, the door is ajar for a summer 2026 move, sparking a frenzy among Europe’s elite clubs who had previously assumed the midfielder was unattainable. The suggestion is that Chelsea are looking to rebalance their books and potentially fund a new wave of recruitment, and sacrificing one of their highest-value assets could be the most efficient route to doing so.

Leading the chase for Fernandez’s signature are Spanish giants Real Madrid. Los Blancos are reportedly desperate to add a world-class controller to their engine room, having identified a lack of composure in possession as a key weakness this season. Reports from Spain indicate that president Florentino Perez is keen to rectify a strategic error made in the summer of 2025, where Madrid failed to secure the signing of Martin Zubimendi.

Zubimendi eventually moved from Real Sociedad to Arsenal, where he has been a revelation, leaving Madrid regretting their hesitation. The Spanish champions are now determined not to make the same mistake twice.  Madrid’s interest is long-standing, but the fresh intelligence regarding Chelsea’s willingness to sell has accelerated their plans. The prospect of Fernandez anchoring the Madrid midfield is seen as the final piece of the puzzle for their latest 'Galactico' era. With the player reportedly open to the challenge of La Liga, the groundwork for a colossal summer transfer is already being laid.

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Despite the swirling speculation regarding his future and the boardroom’s apparent willingness to cash in, Fernandez remains vital to manager Liam Rosenior’s on-pitch plans. The disconnect between the transfer rumours and the player’s performance levels was highlighted following Chelsea’s recent Premier League victory over Brentford.

Fernandez was instrumental in the derby win, controlling the midfield battle and demonstrating exactly why he commands such a high market value. Speaking after the match, Rosenior was effusive in his praise for the Argentine, offering a glowing character reference that seemingly contradicts the club's openness to a sale.

"So impressed. I knew what an outstanding player he was and I was actually at the World Cup final when he played," Rosenior told reporters. "But it's not until you see a player up close and you get to know him and what he's about, and I have to say he's a winner. The reason he always plays is that he trains 100 per cent. I've enjoyed working with him and it's his birthday, so I told him to go to a steak house and enjoy some Argentinean steak. He is a magnificent player. More importantly, he's a fantastic character and I love having him in this team."

While Real Madrid appear to be the frontrunners, they will face stiff competition from Paris Saint-Germain. The French champions are one of the few clubs in world football capable of matching the astronomical fee Chelsea would demand. Given that the Blues paid over £100 million for his services, they will expect to recoup the vast majority of that outlay, making any potential deal one of the most expensive in history.

PSG are looking to add grit and creativity to their midfield and view Fernandez as a statement signing who can elevate their Champions League aspirations. A bidding war between Madrid and Paris would be the ideal scenario for Chelsea’s negotiators, driving the price up and allowing them to reinvest significantly.