City have no intention of paying £120m for Enzo Fernandez, with Chelsea’s valuation now emerging as the major obstacle to a deal for the Argentina midfielder.
City’s interest in Fernandez has been one of the major stories of the final weeks of the summer transfer window, but their position on the finances now appears increasingly clear.
According to TEAMtalk’s Graeme Bailey, sources at City insist the club will not pay £120m for Fernandez — and would certainly not go beyond that figure.
Chelsea’s valuation is therefore described as the principal stumbling block to Fernandez leaving Stamford Bridge.
City unwilling to meet Chelsea’s Fernandez valuation
The latest update follows Chelsea’s decision to set City a deadline last week to meet their £120m asking price.
That deadline passed without an offer from the Etihad, with Chelsea subsequently expecting Fernandez to remain at the club.
City’s interest has not necessarily disappeared, however.
The Guardian reported last week that Fernandez was among the midfielders being considered as City reshaped the squad, while the departure of Rodri to Barcelona has since further altered the make-up of Enzo Maresca’s midfield.
The latest briefing suggests the issue is increasingly one of price rather than City’s admiration for the player.
Fernandez joined Chelsea from Benfica in January 2023 for a British-record £106.8m fee and has developed into one of the London club’s most important midfielders.
For City, though, the equation now looks relatively straightforward.
Unless Chelsea are prepared to soften their £120m position before the window closes, City’s refusal to meet that valuation could leave the two clubs too far apart for a deal to be done.
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