Tottenham have made significant progress in their pursuit of Fernandes and are edging closer to agreeing personal terms with the West Ham midfielder.
The 21-year-old Portuguese turned heads during his debut campaign in English football, drawing admiration from Manchester United, Arsenal, Paris Saint-Germain and Real Madrid.
United had been considered the leading candidates for Fernandes, with West Ham United standing firm on an £80m asking price, but Spurs thrust themselves into contention earlier this week, with talks reported to have moved in a promising direction.
Italian journalist Matteo Moretto reports that Tottenham are now "very close" to reaching an agreement with Fernandes, who is said to be open to the move.
Formal negotiations between Tottenham and West Ham have not yet begun, however, and it remains to be seen whether Spurs will be prepared to meet the player's full £80m valuation, or whether they will attempt to negotiate a reduced fee given the relegated Hammers' weaker negotiating position this summer.
Landing Fernandes would represent another significant statement of intent for Tottenham as the club continues its wholesale rebuild under the current ownership, adding a player several of Europe's biggest clubs had already identified as one of the standout young midfielders to emerge from the Premier League last season.
West Ham's relegation has fundamentally altered the dynamics of any negotiation, with the club no longer in a position to hold firm on their valuation the way they might have done while competing in the top flight. That weakened position could prove decisive if Tottenham choose to test the Hammers' resolve on price, even with United, Arsenal and several leading European clubs still circling.
Fernandes' breakout campaign in the Premier League established him as one of the standout creative midfielders outside the traditional top six, making his potential departure from West Ham a significant blow to the club as they prepare for life back in the Championship.