Enzo Fernandez wants to leave Chelsea after they failed to qualify for Europe, but the club will ask for £120m for the Argentina midfielder.

The 25-year-old, who joined Chelsea from Benfica in 2023 for £107m, is under contract until 2032, which is reflected in the potential fee.

The World Cup winner remains part of the club's planning for next season, but Chelsea would consider offers that meet their valuation.

After scoring 15 goals and providing seven assists last season, Fernandez finished runner-up in Chelsea's player of the season award.

Javier Pastore, Fernandez's agent, is exploring potential destinations, notably his preferred option of Real Madrid.

Alternatives include Manchester City - who are expected to appoint former Chelsea head coach Enzo Maresca as Pep Guardiola's successor in the coming days - but their priority is signing Nottingham Forest midfielder Elliot Anderson.

Meanwhile, French club Paris St-Germain have downplayed the likelihood of a transfer despite having been linked with a move.

Real are known to be unwilling to pay Chelsea's asking price unless they can raise significant funds from player sales, and have also been linked with a move for Manchester City midfielder Rodri.

Senior figures at Stamford Bridge accept they will need to invest in established, Premier League-ready talent for new manager Xabi Alonso after a disappointing season in which Chelsea finished 10th and without a trophy.