Manchester City have agreed a club-record £125m deal with Chelsea for midfielder Enzo Fernandez, with the Argentina international given permission to undergo a medical before completing the proposed move.
The fee would match the British transfer record set when Alexander Isak moved from Newcastle to Liverpool last summer. It would also make Fernandez the most expensive signing in Manchester City’s history.
The long-running transfer saga has dominated the summer, with Fernandez, 25, seeking a departure from Stamford Bridge since the beginning of 2026.
Fernandez had previously been linked with Real Madrid, an episode that led to the midfielder receiving a two-match suspension from Chelsea manager Liam Rosenior. However, the Spanish club later issued a statement making clear that they had no intention of signing him during this summer’s transfer window.
Manchester City subsequently emerged as the leading destination for the unsettled player. Former manager Enzo Maresca was reported to be keen to help push the transfer through, and the two clubs have now reached an agreement, according to David Ornstein.
If the move is completed, Fernandez will become the first player to command a transfer fee of more than £100m on two separate occasions. He joined Chelsea from Benfica for £106m in January 2023.
The proposed transfer would bring an end to his time in west London after a period in which his future had remained uncertain. Chelsea have now authorised him to take the next step towards joining Manchester City by allowing him to complete his medical.
The deal forms part of Manchester City’s wider midfield rebuild. The club have already signed England midfielder Elliot Anderson from Nottingham Forest for £116m, while Ayyoub Bouaddi has arrived from Lille for an initial €95m.
Those arrivals, together with the planned signing of Fernandez, would represent a substantial investment in Manchester City’s midfield options. The £125m agreement would equal the existing British record while surpassing every previous transfer fee paid by the club.
Fernandez’s transfer from Benfica to Chelsea was already one of the most significant deals in Premier League history. A second move above the £100m mark would set a new individual landmark, subject to the medical and completion of the agreement between Chelsea and Manchester City.
The proposed switch would take Fernandez from Stamford Bridge to Manchester, ending months of speculation over where he would continue his career after his interest in leaving Chelsea first became apparent at the start of 2026.