The Argentina international's situation at Stamford Bridge has been unsettled since March, when his agent Javier Pastore publicly said his client was underpaid and wanted to leave following a difficult campaign in which Chelsea finished 10th in the Premier League and ended the season without a trophy after losing the FA Cup final to Manchester City.
Real Madrid, previously seen as his most likely destination, have since issued a statement saying they have "no intention" of signing him, leaving City, managed by his former Chelsea boss Enzo Maresca, as the only realistic suitor as the deadline approaches.
Chelsea are demanding £120 million for a player they signed from Benfica for £107 million in 2023, and are expected to stand firm on that valuation regardless of any pressure to lower it. Friday's 5pm deadline is designed to end the uncertainty before the season begins, giving Fernandez and any interested party roughly 60 days since the figure was first communicated to reach an agreement Chelsea consider fair.
It remains unclear whether City would be willing to meet that price, particularly with the club also chasing Lille's Ayoub Bouaddi and potentially facing a big-money departure of their own if Barcelona's improved offer for Rodri, reportedly in the £50-60 million range, is accepted.
New Chelsea manager Xabi Alonso has spoken to Fernandez directly about his future but has declined to share details of the conversation, and the club have made clear they are willing to fully reintegrate the midfielder into the squad and continue building around him as a key player rather than push him toward the exit.
Fernandez scored 15 goals and provided seven assists in 54 appearances last season before helping Argentina reach the World Cup final, where he was sent off as his country lost 1-0 to Spain. He returned to training with Chelsea for the first time under Alonso this week, and midfield partner Moisés Caicedo has also publicly urged him to stay at the club.
Fernandez was suspended for two matches in April after making comments while on international duty that criticised the club's hierarchy and appeared to flirt with a move to Madrid, with the midfielder and his agent later apologising. His existing contract runs until 2032, though talks over improved terms have made little progress since his camp first raised the possibility of an exit.
Should Friday's deadline pass without a bid at Chelsea's asking price, the club do not intend to sanction a sale this summer, meaning Fernandez would remain at Stamford Bridge for at least another season regardless of his own wishes.