The Daily Mail reported the development, with Real Madrid's pursuit arriving in the immediate aftermath of Florentino Pérez's re-election as club president and his pledge to make major signings under incoming head coach José Mourinho.
Chelsea are not actively seeking to sell Fernández. Sources at the club confirmed they are happy to retain him for next season under Xabi Alonso if a suitable offer is not forthcoming, with their valuation set at approximately £120m. Fernández signed from Benfica for £106.8m in January 2023 and is contracted at Stamford Bridge until 2032.
The midfielder's interest in Madrid is not new. He was handed an internal two-game suspension by Chelsea under Liam Rosenior after using media interviews during an international break to discuss his desire to live in Madrid. He is currently preparing for the World Cup with Argentina.
Paris Saint-Germain and Manchester City — likely to be managed next season by former Chelsea manager Enzo Maresca — have also been linked, though Madrid's interest is considered the most substantive at this stage.
Whether Pérez's attention is absorbed by the reported pursuit of a Galáctico signing elsewhere, or whether a formal bid for Fernández materialises, will define the shape of this particular summer saga.