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Chelsea appear determined to do everything possible to retain one of their key players despite growing speculation about his future.

The Blues have found themselves at the heart of transfer drama even before the summer transfer window officially opens, with just under three weeks to go before trading begins.

It was a disappointing conclusion to the season for the West London club, who finished 10th in the Premier League after a deflating final-day defeat away to Sunderland, missing out on European qualification.

Since BlueCo took ownership of Chelsea in 2022, the club’s spending on new players has soared into the billions, sparking serious questions about their recruitment philosophy. Their approach has focused on signing young talents for substantial fees, with hopes of developing them at Stamford Bridge and increasing their market value over time.

Such scrutiny was easier to deflect while Chelsea were competing in Europe and winning titles such as the Club World Cup and the Conference League. However, the absence of continental football next season has raised concerns within the squad itself.

One of the first to reportedly express dissatisfaction is Enzo Fernandez, Chelsea’s record signing and a player who has captained the side on several occasions this season.

According to BBC Sport journalist Nizaar Kinsella, Fernandez is eager to leave Chelsea following the team’s failure to secure European football.

This is not the first hint of uncertainty from the Argentina international. During a previous international break, he made comments to the Argentine media indicating uncertainty about his club future and expressing admiration for life in Madrid. Those remarks resulted in a two-match suspension from then-manager Liam Rosenior.

Reports suggest that Real Madrid are among the clubs being considered by Fernandez’s representatives, with Manchester City also seen as a possible destination.

However, any move is expected to be complicated. Chelsea still regard the 25-year-old midfielder as central to their long-term plans, but the club is reportedly open to offers around £120 million.

This steep valuation stems from Chelsea’s current transfer strategy, which relies heavily on generating profit through player sales. According to The Athletic, Fernandez’s £106 million transfer fee in 2023 means he still holds a book value of £77.6 million. Therefore, any sale below that figure would register as a financial loss for the club.

Still, whether any club can or will meet Chelsea’s price remains uncertain. As noted by FourFourTwo, Real Madrid would need to raise significant funds through player sales to even consider such a deal, and they are already keeping a close watch on Manchester City’s Rodri.

At Manchester City, new manager Enzo Maresca could provide a potential link, but the club is already heavily linked with Nottingham Forest’s Elliot Anderson, who is expected to consume much of their midfield transfer budget this summer.

According to Transfermarkt, Fernandez currently holds a market valuation of €90 million.