Enzo Fernandez ‘set to leave’ Chelsea as decision reached on selling to Man City or Real Madrid for shocking price

Enzo Fernandez is heading towards the exit door at Chelsea, according to a reporter, while another has outlined the shocking price the Blues could sell the Argentine to Manchester City or Real Madrid for.

Fernandez, 25, has been the subject of transfer speculation throughout much of 2026. The Argentina international has enjoyed his best season to date at Stamford Bridge, though it might prove to be his last.

And after Chelsea rounded out their disappointing campaign with a dismal defeat to Sunderland, Fernandez appeared to wave goodbye to the Chelsea fans during the post-match cooldown.

According to reporter Ben Jacobs, that wave ‘could be interpreted as a goodbye’ gesture.

“Enzo Fernandez made a gesture to Chelsea fans at full-time following the defeat to Sunderland that could be interpreted as a goodbye,” wrote Jacobs on X.

Enzo Fernandez ‘set to leave’ Chelsea

A report from Chelsea-focused journalist, Si Phillips, has now set alarm bells ringing in west London. He declared his sources are indicating Fernandez is ‘set to leave’ Chelsea this summer.

That came after Sky Germany’s Florian Plettenberg revealed Fernandez has recently been the subject of talks regarding a transfer to Manchester City.

Fernandez is understood to be keen to reunite and play for Enzo Maresca once again, with the Italian taking over from Pep Guardiola after a decade of dominance at the Etihad came to an end.

Real Madrid, meanwhile, are a confirmed admirer too, and Fernandez has publicly flirted with Los Blancos in the past.

Adding more meat on the bones of this developing story, Ben Jacobs stated: “Fernandez would welcome a bid from Real Madrid, while some informal and formative talks have taken place with Manchester City.

“He wants to play Champions League, with Chelsea’s poor season leaving them in a weaker position to persuade Fernandez to sign a new deal.

“However, Chelsea won’t consider a sale this summer for a book loss.”

Chelsea finished the campaign trophyless and in 10th position in the Premier League. There’ll be no European football of any kind on offer next season, never mind the Champions League.

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Chelsea would sell if making a profit

Regarding the ‘book loss’ aspect of Jacobs’ update, that gives an indication of how much Chelsea and owners BlueCo are ready to sell the Argentine for if he makes a stay untenable.

Fernandez signed an 8.5 year contract upon joining from Benfica for £106.8m in January of 2023.

On Chelsea’s accounts, the amount that has been amortized from that gigantic fee over the three-and-a-half years he’s been at the club is roughly £44m.

As such, and to ensure Chelsea would not make a ‘book loss’, and instead generate a capital gain, Chelsea would have to sell Fernandez for a minimum of £62.8m.

Of course, the Blues may well demand much more, not least because Fernandez is only now entering the prime of his career and has just enjoyed his best season to date.

But in purely financial terms, Chelsea won’t sell for a penny less than £62.8m to ensure they’re not registering a book loss on the player.

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