Manchester City have reached an agreement in principle with Chelsea to sign Argentine midfielder Enzo Fernández, according to Italian journalist Gianluca Di Marzio, with the deal awaiting final paperwork and medical examinations before an official announcement.
Reports indicate that City will pay a base fee of at least £120 million (approximately €140 million), with the total potential valuation rising through performance-based add-ons and bonuses. The 25-year-old is expected to sign a five-year contract with an option for an additional season.
At the reported baseline transfer fee, Fernández will become the second most expensive signing in Premier League history, trailing only Alexander Isak’s move worth approximately €150 million. Globally, the transfer will rank fourth all-time, behind Neymar and Kylian Mbappé’s moves to Paris Saint-Germain, and Isak’s transfer to Liverpool.
Chelsea originally signed Fernández from Benfica in January 2023 for a British-record fee of £106.8 million at the time. The deal ensures the London club recovers its initial investment and secures a direct accounting profit, while simultaneously reducing their wage bill and clearing financial space to restructure their midfield.
The transfer comes after months of strained relations between the player and Chelsea’s hierarchy. Fernández openly expressed frustration over the decision to dismiss manager Enzo Maresca, while public comments regarding a potential desire to live in Madrid drew sharp criticism from board management. Those remarks resulted in a disciplinary omission from a matchday squad, prompting his representative to explore potential departure avenues.
Despite subsequent apologies from the player and his agent—clarifying he had not explicitly requested a move to Real Madrid—uncertainty surrounding his long-term future persisted. Facing a reduced role under the new managerial setup, Fernández grew increasingly receptive to a departure, while Chelsea maintained firm demands regarding the transfer valuation and payment structure.
The prospective move sets up a high-profile reunion between Fernández and Maresca, who pushed strongly for his acquisition at Manchester City. The pair share mutual trust, developed after the Italian coach deployed Fernández in an advanced attacking role at Chelsea and designated him as team captain, prompting the Argentine to produce his finest performances since arriving in English football.
Fernández made 169 appearances for Chelsea up to the start of the new campaign, scoring 31 goals. During the 2025–2026 season alone, he registered 54 appearances, scoring 15 goals and providing 7 assists, following a impressive 2024–2025 campaign under Maresca in which he recorded 9 goals and 17 assists—figures that explain the manager’s strong push to reunite with him.
