Real Madrid could pay £84m for Enzo Fernandez or offer Chelsea Aurelien Tchouameni in a swap deal, aiming to bring the Argentine midfielder to the Bernabeu.
Chelsea boast one of the most expensive squads in the world. That is little surprise given they have spent north of £1billion since Todd Boehly became chairman in 2022.
One of their most expensive signings in that spell was Fernandez, who was coming off the back of World Cup triumph with Argentina when he was signed.
Despite his massive £106.8million transfer in 2023, he has fallen out of favour with the Blues this season, and Real Madrid are looking to take advantage.
Fichajes reports the Argentine has become their main target to strengthen the midfield, and suggests he could be looking for a change of scenery due to his current lack of game time with Chelsea.
As a result, it's said Real are willing to pay €100million (£84m/$108.5m) for Fernandez, or they will sacrifice Tchouameni.
Indeed, the second option would mean not having to free up space and budget by selling another player, and would reduce the fee Fernandez would command.
The validity of the rumour could be questioned, given its source, though the Chelsea midfielder has previously been linked with Barcelona, so Real interest is not too hard to believe.
He is out of form at the moment, though, so it might be likely that Real wait to see if he finds his way back.
Chelsea do see a lot in him, having signed him for a huge amount, but Enzo Maresca has a large squad to rotate between, and could surely make do without Fernandez.
Given the Blues have been linked with the signing of Tchouameni previously, when Conor Gallagher left for Atletico Madrid, it is not beyond the realms of possibility that they would allow an underperforming Fernandez go in order to sign a player they have eyed.
It is not only Fernandez who Real are hoping to lure from the Premier League.
Reports suggest their ultimate aim is the signing of Rodri, who it's said is wanted to oust Tchouameni.
