It is just one week since reports emerged linking Paris Saint-Germain with a move for the Argentine midfielder.
Now, fresh claims from his homeland suggest a summer exit is an increasingly realistic possibility.
The manner of Chelsea’s 8-2 aggregate Champions League loss to the French champions is a concern and, should their season fail to end on a positive note, the risk of losing him will only increase.
The player himself has done little to calm the situation.
Speaking to ESPN Argentina about whether he can guarantee he will stay, Fernandez said: “I don’t know - there are eight games left and the FA Cup. There’s the World Cup and then we’ll see.”
Fernandez is under contract until 2032 and Chelsea do not want to sell. But uncertainty over such a key player could even trigger wider instability.
For example, Cole Palmer has already attracted interest - including Manchester United - and Flashscore sources suggest such approaches cannot be ruled out.
For now, any talk surrounding Palmer remains on the back burner, but Fernandez could become a hot topic by the end of the season.
As we reported last week, Chelsea would be reluctant to sell for anything less than the £106.8 million they paid to sign him.
Even then, replacing a player of his profile would be a significant challenge, particularly at a time when the club’s long-term vision is under scrutiny.
Pressure is also mounting on head coach Liam Rosenior. Despite being just over two months into his tenure, he is already facing criticism from sections of the fanbase.
At this stage, sources remain adamant that his job is not under threat - but Chelsea need a shake-up… quickly.
The defeat to PSG has ended Chelsea’s European campaign, leaving them battling for a top-five finish in the Premier League to secure Champions League qualification.
An upcoming FA Cup quarter-final against Port Vale now represents their clearest pathway to silverware.
Failure to win a trophy - combined with a continued dip in morale - could accelerate decisions from key players, and Fernandez is among those who will begin to consider other options seriously.
Rosenior declined to address the speculation in the aftermath of the PSG defeat, but the questions are unlikely to go away.
His ability to steady the club - and retain top talent - will prove decisive in the weeks ahead.
