According to Bild, Benfica are exploring a move for the 23-year-old defensive midfielder, with Bayer Leverkusen understood to be aware of the Portuguese club's interest, though no direct contact between the two sides has yet taken place.
The Portuguese champions have a history of shopping in South America and other emerging markets for value signings, and Fernandez's limited game time in Germany could make a fresh start abroad an appealing option for all parties.
Fernandez arrived at Leverkusen last summer in a €25 million deal from Saudi club Al Qadsiah, arriving with a strong reputation as a composed, ball-playing midfielder capable of dictating tempo from deep. That profile made him an appealing squad addition at the time, but he has failed to establish himself as a regular in the side since, leaving the club open to offers just a year into his contract.
Bild reports that Benfica's opening interest is set at around €20 million, a figure below what Leverkusen paid for the player last year and one they would prefer to recoup in full. The gap between the two positions is no longer especially wide, however, raising the possibility of a deal eventually being structured around a fee including performance-related bonuses that could bridge the difference.
Leverkusen's willingness to let Fernandez leave for a fee close to what they paid, rather than insisting on a profit, reflects how quickly his standing at the club has shifted since his arrival, with the midfielder now expected to be among the more straightforward departures as the Bundesliga side reshapes its squad this summer.
Leverkusen are understood to be assessing several positions as they look to balance the books following a busy period of recruitment, with midfield among the areas where the club feels it can afford to trim numbers without weakening its options.