Enzo Fernández could be on his way out of Stamford Bridge as Chelsea reportedly set a definitive asking price for the Argentine midfielder amid intense interest from Manchester City and Real Madrid. The long-term future of midfield cornerstone Enzo Fernández has fast become the defining storyline of Chelsea’s off-season. While the Argentine playmaker puts the final touches on his preparations to anchor his country’s title defense at the 2026 World Cup, his club bosses in London have reportedly slapped a massive price tag on his services to ward off or welcome potential suitors. According to British soccer insider Ben Jacobs, Chelsea are prepared to greenlight Fernández’s departure if an incoming bid reaches the €138 million ($150 million) threshold. The staggering valuation has instantly put European heavyweights Manchester City and Real Madrid on high alert as they look to bolster their respective engine rooms. Interestingly, Chelsea’s bargaining chip took a significant hit after a turbulent domestic campaign culminated in the club completely missing out on European qualification for next season. This failure forced Stamford Bridge officials to lower their financial expectations from an initial, unwavering £150 million ($201 million) demanding price. The Blues‘ board heavily utilized the blockbuster appointment of incoming manager Xabi Alonso in an attempt to convince the World Cup winner to buy into a revamped Stamford Bridge project. Chelsea Football Club is delighted to announce the appointment of Xabi Alonso as Manager of the Men’s Team. The Spaniard will begin his role on July 1, 2026, having agreed a four-year contract at Stamford Bridge. Welcome to Chelsea, Xabi!— Chelsea FC (@ChelseaFC) May 17, 2026 However, the harsh reality of spending next season completely devoid of UEFA Champions League, Europa League, or Conference League soccer remains the primary catalyst driving Fernández toward a London exit. Why Manchester City hold the edge in the transfer race While Real Madrid and Manchester City both possess the immense financial muscle required to absorb a transaction of this magnitude, the reigning Premier League champions currently hold a distinct advantage over their Spanish counterparts. The edge stems from a massive looming managerial shakeup at the Etihad Stadium. Following Pep Guardiola’s historic departure, all signs point to current Chelsea boss Enzo Maresca being appointed as his successor. Maresca has forged a remarkably close tactical relationship with Fernández during their time together in London, and a reunion in Manchester is viewed as a massive selling point for the player. How Rodri’s situation could facilitate the deal One of the vital chess pieces that could fast-track Fernández’s move to Manchester City is Rodri’s current contract impasse. The Spanish midfield has continually rebuffed contract extension offers from the Citizens, meaning he is rapidly approaching the final year of his deal, which expires in 2027. Consequently, Real Madrid are reportedly keeping close tabs on the Spanish international, who is said to be highly receptive to joining the Spanish giants this summer. Should Real Madrid successfully lure Rodri back to his hometown, it would create a massive vacancy in Manchester City’s midfield—subsequently unlocking the funds and the roster space for City to aggressively finalize a deal for Fernández.