Manchester City are determined to get the deal done before Tuesday's transfer deadline, and Fernandez himself is eager to link up again with his former Chelsea manager. Chelsea, though, want more than the £120m originally placed on Fernandez's head, and any agreement is now expected to break the British transfer record.
Chelsea are likely to hold out for a fee in the region of £130m and, although there is optimism on all sides that a deal can be completed, the west London club are also working to bring in replacements before sanctioning a departure.
That record would eclipse the £116m City paid for Elliot Anderson earlier in the window, itself a mark that lasted only a matter of weeks before Chelsea's own £117m deal for Morgan Rogers moved past it. Even Arsenal's pursuit of Julián Álvarez, reported to be worth more than £120m, would be surpassed by a Fernandez transfer at the fee Chelsea are seeking.
Fernandez joined Chelsea from Benfica for a then-British-record £106m in January 2023 and has since drawn interest from Real Madrid, who explored a move last season before publicly ruling themselves out of the running.
He has become an unpopular figure among opposition supporters in England, but remains keen to work under Maresca again after flourishing during their time together at Stamford Bridge, winning the Conference League and Club World Cup and helping the club return to the Champions League.
The move would represent the latest piece of a significant midfield rebuild at City, who have overhauled the department this summer following the departures of Rodri, Tijjani Reijnders, Bernardo Silva and Kalvin Phillips.
Fernandez started on City's target list some weeks ago, but a deadline set by Chelsea for an opening bid passed without City meeting it, and the two clubs are yet to hold direct negotiations over a fee, despite the growing sense that personal terms would not be an obstacle given Fernandez's willingness to move.
Despite the mutual appetite for a reunion, the transfer remains a complicated one to complete, with time running short for Chelsea to identify and finalise suitable midfield replacements before deadline day.