The Spanish giants have a long-standing interest in the Argentina international and sources now indicate that their intrigue has reached a level whereby a move to sign him could truly be on the cards in 2026.
It is no surprise to learn that a midfielder of his calibre is on the agenda at Madrid, as there seems a focus on improving their options in the centre of the park for the 2026/27 season.
But to target Fernandez is a huge statement of intent - and is going to take major investment.
Chelsea signed him from Benfica in a £106.8 million transfer in 2023, to set a British record fee at the time.
Eyebrows were raised at the amount but he has been an influential and vital member as they have tried to rebuild the team - and if he leaves it will lead to Chelsea making a profit on him.
Fernandez has been an ever-present figure for Chelsea this season, barely missing a minute of action. He has played all but 11 minutes in the Premier League after being substituted in the opening game of the campaign, and in Europe he has also been close to ever-present too - missing just nine minutes across the two Champions League fixtures so far. He has also captained the side on several occasions this term.
Sources close to Chelsea admit they are aware of Madrid’s interest but believe they are well protected, knowing the player is signed up on a contract until 2032. Their policy of tying players to very long deals pays off in situations like this, as they either land a mega fee or manage to keep their star asset.
Chelsea do not want to cash in but would have to consider the situation if Fernandez shows a desire to make the move, which is believed to be a possibility.
Madrid have also been linked with other English-based midfielders including Rodri at Manchester City and Alexis Mac Allister at Liverpool. But it is believed Fernandez is currently seen as the best fit.
A deal mid-season is pretty much unthinkable but an approach at the end of this season is starting to feel realistic.
