The Argentina midfielder previously stirred controversy at Stamford Bridge by publicly stating he would like to live in Madrid one day. Those comments were seen as a come-on to Real Madrid and led to the 2022 World Cup winner being dropped for a match by his club.
Despite that episode, Chelsea are well aware that their Argentina international still wants to move on. Manchester City and Real Madrid have been reported as the two main suitors for Fernandez.
Chelsea are said to have set an asking price of €140m for their midfielder, some €20m more than the fee London paid for him in January 2023.
Fernandez, born in San Martin, is under contract until 2032, leaving it unclear whether he will be able to leave this summer.
An answer may come after the 2026 World Cup.
His agent, Javier Pastore, confirmed in an interview with Marca that he is working behind the scenes to find his client a way out of Chelsea.
"He's doing well, he's very positive, he's having a very good World Cup.
"In the first two matches he contributed to the team's fine win. Right now the player is calmly focused on the national team, he's playing a World Cup, he's very close to qualifying for the last 16.
"He's only thinking about that, while we study the possibilities of getting him out of Chelsea, but nothing is definitive or confirmed at any club yet."
Pastore also spoke about Fernandez's ties to the Spanish capital, where the agent himself lives.
"He has a lot of friends there, and he's very close to Julián Álvarez. In the end, they spend all the time they can together there.
"And I live in Madrid too. Every time he's travelled it was to see me and sort out professional matters, but apart from that, who doesn't love Madrid?"
Pastore stopped short of confirming any move to Real Madrid, though his words are unlikely to go unnoticed at the Bernabéu.