The Times reported Arsenal's interest on Thursday, adding that West Ham would have little choice but to sell if they drop to the Championship in order to balance their books. West Ham currently sit 18th, two points from safety, with two games remaining and their fate beyond their own control.
Fernandes has five goals and four assists in 40 appearances since joining from Southampton last summer for an initial £38 million, a fee that could rise to £42 million. He has been nominated for the Premier League Young Player of the Season award and can operate as a deep-lying or box-to-box midfielder, a versatility that appeals to clubs looking for a single signing to cover multiple roles.
Manchester United are considered frontrunners. Bruno Fernandes has spoken privately in favour of his compatriot and United made contact with the player's representatives earlier this week. The response from the 21-year-old's camp is described as "extremely keen" on a move to Old Trafford, driven in part by his admiration for his namesake and the prospect of Champions League football under Michael Carrick next season.
Arsenal's interest is framed around replacing Christian Nørgaard, who has played just 56 Premier League minutes since joining from Brentford last summer and is expected to be sold. Mikel Arteta's desire for a versatile midfielder who can press intensely and carry the ball was not satisfied by that acquisition.
Paris Saint-Germain and Atlético Madrid have also been credited with interest. Atlético attempted to sign Fernandes before his move to West Ham. Manchester City, Chelsea and Newcastle are among others monitoring the situation.
Southampton retain a 15% sell-on clause from his sale. There is no relegation release clause in his contract, which runs to 2030 — meaning West Ham can demand a significant fee, though their leverage diminishes considerably if they go down.