Manchester City have reportedly made a verbal €120million approach for Enzo Fernandez, but Chelsea continue to hold out for around €140m.
City failed to meet Chelsea’s previous transfer deadline for the Argentina international, leaving the Blues expecting Fernandez to remain at Stamford Bridge.
However, fresh reporting from AS claims the Premier League rivals have already tested Chelsea’s resolve with a verbal proposal.
It leaves the clubs separated by around €20m as Enzo Maresca continues pushing for a reunion with his former midfielder.
Manchester City retain their interest in Enzo Fernandez despite Chelsea's deadline to make a £120m offer passing.
Specific exit terms given to Fernandez's camp since May, but Manchester City may now have to offer a different structure/number for Chelsea to consider. And Chelsea… pic.twitter.com/j0eNQV1G2M
— Ben Jacobs (@JacobsBen) August 17, 2026
Enzo Fernandez transfer takes major Man City twist
The €120m approach was verbal rather than an official written bid, according to AS.
Chelsea did not engage with the proposal and have continued to publicly insist Fernandez is not for sale.
Behind the scenes, however, a transfer has reportedly remained possible if City meet the club’s valuation.
That represents significant progression after Chelsea’s self-imposed deadline passed without a formal £120m offer.
The Blues had expected the saga to cool, but Fabrizio Romano subsequently predicted new City contacts and AS now claims an initial verbal approach has already taken place.
City’s midfield situation has also changed following Rodri’s departure, increasing Maresca’s need for another elite central option.
Chelsea hold strong hand in €140m stand-off
Chelsea have little reason to lower their valuation.
Fernandez remains tied to a long-term contract and Xabi Alonso can keep one of the club’s most established midfielders if City refuse to bridge the financial gap.
The wider squad overhaul is moving quickly elsewhere, with Benoit Badiashile heading for a Napoli medical as Chelsea trim Alonso’s defensive options.
ReadChelsea previously examined how Manchester City’s midfield business could dictate Fernandez’s Chelsea future.
That scenario is now playing out.
City appear ready to return to the negotiating table.
Chelsea’s response remains equally clear: an approach worth €120m is not enough.
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