In his debut season he made just five league appearances for the first team, but his playing time has increased considerably since then.
Last season, the Spaniard featured 23 times in the Primeira Liga, starting 21 of those matches and scoring once.
His performances have not gone unnoticed, with reports in recent months pointing to interest from several of Europe's leading clubs.
Arsenal, Manchester City, Chelsea and Real Madrid have all been mentioned as potential destinations for the right-back, reflecting his rapid rise since arriving in Portugal from Real Valladolid.
Portuguese newspaper A Bola now reports that both Arsenal and Real Madrid are showing concrete interest in Fresneda ahead of next season.
It remains to be seen whether either club will choose to submit a formal bid, with Sporting said to have no desire to sell the player this summer.
According to A Bola, Fresneda's contract contains a release clause worth €80m.
The Portuguese club are not prepared to sell him for a lower fee than that figure this summer, the report adds, underlining the value Sporting place on the right-back following two title-winning seasons under different coaches.
Fresneda's contract with Sporting runs until the summer of 2028, giving the club a strong position from which to resist any approach below their valuation.
The right-back has been capped four times for Spain's Under-21 side, scoring once and providing an assist during that international spell, performances that have only added to his growing reputation across the continent.
Arsenal's interest in the player is not a new development, with the Premier League club having tracked him since his time at Real Valladolid before his move to Portugal.
Manager Mikel Arteta is understood to view Fresneda as a long-term option who could provide both depth and competition in the full-back positions, particularly given the uncertainty surrounding some of his current defensive options.
Real Madrid, meanwhile, have already strengthened at right-back this summer, which could complicate any serious move for Fresneda despite the club's continued interest in his profile.
Any move for Fresneda would represent a significant investment for either Arsenal or Real Madrid, both of whom are assessing their full-back options heading into the new season, with Sporting in no rush to sanction a departure below their asking price.