Arsenal Joins Enzo Fernández Transfer Race Amid Midfield Focus
Arsenal have stepped into one of the summer’s biggest transfer battles, positioning themselves alongside Manchester City and Real Madrid in the chase for Chelsea midfielder Enzo Fernández – but the Argentine is not at the top of Mikel Arteta’s shopping list.
Chelsea shattered the British transfer record in February 2023 to prise Fernández from Benfica for £107 million. It looked a heavy price for a player still adapting to European football. The adjustment took time, the scrutiny was relentless, yet by the end of last season he had become one of the few certainties in a wildly inconsistent Chelsea side.
While Chelsea slumped to 10th in the Premier League and fell to City in the FA Cup final, Fernández quietly put together a standout individual campaign: 15 goals, seven assists, 54 appearances. In a season of confusion at Stamford Bridge, he offered clarity on the pitch.
Now he wants out.
The 25-year-old is pushing for a move this summer, unwilling to wait through another rebuilding cycle before challenging for the Premier League and Champions League. The departure of head coach Enzo Maresca, with whom he had built a strong relationship, only hardened that stance. Fernández has already instructed his agent to explore options, and the list of suitors is predictably elite.
Arsenal, according to reports, have “joined the race” and are monitoring developments closely. New Chelsea manager Xabi Alonso views Fernández as central to his plans and does not want to lose him, but the dynamic has shifted: the player is open to leaving, and the market knows it.
Chelsea, though, are not in the mood for charity. They are determined not to take a major hit on their record outlay and have set an asking price of around €120m (£104m), just shy of what they paid Benfica.
Arsenal’s real priority: Sandro Tonali
For all the noise around Fernández, Arteta’s preferred midfield target lies elsewhere. Newcastle United’s Sandro Tonali has emerged as the priority, with Arsenal having already made contact with the Italian’s representatives in January and continuing to track his situation.
Tonali, who is understood to be keen on a move away from Newcastle amid interest from both Arsenal and Manchester United, would not come cheap either. His price is expected to sit at around €100m (£87m). That figure, while huge, still undercuts the fee Chelsea are demanding for Fernández and may factor into Arsenal’s internal calculations as they juggle squad needs and budget.
Arsenal’s stance on Fernández, then, is opportunistic rather than obsessive. They are watching, ready to move if the market breaks in their favour, but Tonali remains the name at the top of Arteta’s list.
Madrid calling
If Fernández does leave Stamford Bridge, the smart money still sits on the continent. Spanish reports this week indicated that he would prefer a move to Real Madrid over Manchester City, and he has already dropped hints that point in that direction.
During the March international break, Fernández spoke openly about his desire to live in Madrid, likening the Spanish capital to Buenos Aires in terms of lifestyle and feel. For a player of his profile, the Bernabéu is a natural magnet.
Inside Madrid, there is rare alignment. Club president Florentino Pérez and José Mourinho – back in the conversation around the club’s long-term planning – agree that an elite midfielder is needed to refresh a group that has carried the side through multiple title runs. With City refusing to entertain any talk around Rodri, attention in Madrid has turned to alternatives. Fernández fits the bill: technically polished, tactically intelligent, and in his prime years.
The financial equation is straightforward but brutal. €120m is the number. Madrid know it, City know it, Arsenal know it.
City’s midfield puzzle
Across Manchester, City’s interest in Fernández is real but conditional. Fabrizio Romano reported on Wednesday that Enzo Maresca – now at Chelsea but formerly part of Pep Guardiola’s staff – “loves” Fernández, yet talk of City being deep in negotiations has cooled.
City’s primary midfield target remains Nottingham Forest’s Elliot Anderson. Only if that pursuit collapses is Fernández expected to move up their list. For now, he is an alternative, not the main plan.
That hierarchy matters. It shapes the tempo of this saga. Madrid are tempted. City are circling, but not committed. Arsenal are lurking, with Tonali ahead of Fernández in their own internal pecking order.
Chelsea, meanwhile, are trying to hold the line, a new manager in Alonso eager to build around a player the club spent a fortune to sign.
Fernández has already made his move off the pitch by instructing his agent to test the market. The next move belongs to the clubs.
