Chelsea will demand a fee of approximately $160 million for midfielder Enzo Fernandez if the 25-year-old formally requests a transfer this summer, sources told ESPN, with Real Madrid and Manchester City among the clubs tracking his situation.

Fernandez is believed to be reassessing his future after Chelsea finished tenth in the Premier League, failing to qualify for European competition next season. The club expects him to report for preseason training following the World Cup, though sources indicate a formal transfer request remains possible.

Any interested club would need to surpass the £107 million ($144 million) Chelsea paid Benfica for Fernandez in February 2023. The Blues hold no financial urgency to sell, but proceeds from a transfer would help fund a rebuild under incoming manager Xabi Alonso, who does not officially begin work at Stamford Bridge until July 1.

According to Transfermarkt, Fernandez is the 26th most expensive player in the world with a valuation of €90 million just ahead of Julian Alvarez, who could also be available this summer.

Real Madrid's interest is complicated by the club's ongoing presidential election and an unclear transfer strategy for the summer window. It is unknown whether Alonso and Fernandez have yet spoken directly.

Fernandez, contracted through 2032, fueled departure speculation during an international break in March when he remarked "I'd like to live in Spain, I really like Madrid." Chelsea dropped him for two matches in response. His agent Javier Pastore called the decision "completely unfair," adding the player "doesn't mention any club or say he wants to leave Chelsea."

Fernandez has recorded 19 goals and 17 assists across 117 Premier League appearances for the club.