Chelsea are not willing to let Enzo Fernandez leave for less than their huge asking price, as interest from Real Madrid materialises.
The Argentina international has been strongly linked with a departure this summer, after unrest at Stamford Bridge over the last season.
The 25-year-old was banned for two games by the club in April for comments he made in an interview during an international break.
Fernandez talked up the city of Madrid as a place to live, fuelling speculation that he was pursuing a move to the Spanish giants.
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The Daily Mail report that the interest from Real Madrid is genuine and they have expressed interest in signing Fernandez this summer.
However, it is unlikely to be straightforward, with Chelsea valuing the midfielder at £120million.
The Blues paid Benfica £106.8m for Fernandez when they signed him in January 2023 and intend to make a profit on him if he departs during the next transfer window.
Real Madrid are not the only interested party, according to reports, with Paris Saint-Germain and Manchester City also thought to be keen on the Argentinian.
Former Chelsea manager Enzo Maresca is due to take over as Manchester City boss and wants to reunite with the midfielder.
Maresca has been established as the man to succeed Pep Guardiola at City, but a deal is taking some time to be struck with Chelsea over compensation.
The Italian left Stamford Bridge in January, despite his contract running until 2029 and Chelsea are negotiating compensation they believe they are owed if he takes another job.
In another interview that did not go down well in west London, Fernandez criticised the decision to dismiss Maresca.
‘I don’t understand it,’ Fernandez said in March. ‘Sometimes as a player, there’s things we don’t understand and the way they try to manage things. I don’t have an answer for you because I don’t know.’
He added: ‘Obviously, it was a departure that hurt a lot because we had a lot of identity, he gave us order but it’s the way that football is, sometimes it’s good, sometimes it’s bad.
‘But we always had a clear identity when it came to training, playing and obviously his departure hurt us especially in the middle of the season – it cuts everything short.’