Manchester City have until 5pm UK time on Friday to lodge a £120m offer for Chelsea’s Enzo Fernandez, or the Argentina international will not be moving this summer.

Fernandez has already agreed personal terms with City, Football Transfers reported through Football365. The only obstacle is the fee.

Chelsea will not shift on their valuation and are prepared to hold Fernandez until the summer 2027 window at the earliest if the deadline passes, Standard Sport reported. The 25-year-old has six years left on his Stamford Bridge contract, though the club have lined up Adam Wharton and Alex Scott as their top replacement targets in case City meet the price.

Maresca chasing a familiar face

The move would reunite Fernandez with Enzo Maresca, appointed City manager in June as Pep Guardiola’s successor. Al Jazeera reported that Chelsea received around £17m in compensation after Maresca’s mid-season exit from west London in December 2025.

Read also: Russell Westbrook chose retirement over one more NBA reset

Fernandez scored the goal that briefly stung his old manager the last time the two sides met. He struck a late equaliser to earn Chelsea a 1-1 draw at the Etihad in January, in the immediate aftermath of Maresca’s Chelsea departure, Yahoo Sports noted.

No bid on the desk, Chelsea insist

Speculation on Thursday centred on a £102.5m City offer that would have fallen roughly £17.5m short of the asking price. Chelsea sources dismissed the reports outright: no bid had reached the club by 5pm on Thursday, 24 hours before the deadline, according to Standard Sport.

Chelsea signed Fernandez from Benfica in a then British-record deal in January 2023 and see £120m net as the floor for any sale, with additional stipulations on the payment structure.

Deadline eve of the Community Shield

The clock runs down on the eve of City’s first major fixture of the season. Maresca’s side face Arsenal in the Community Shield at Cardiff’s Principality Stadium on Sunday, with the traditional Wembley staging shifted to Wales because pre-planned concerts had booked out the London venue.

Read also: The end of the FIFA strongman: UEFA drafts an EU-style rotating presidency

Chelsea, now managed by Xabi Alonso after his summer appointment on a four-year deal, begin their Premier League campaign the following weekend.

Read also: The day Messi wrote he might stop playing, he came on for Inter Miami at halftime