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Chelsea appear increasingly resigned to losing prized midfielder Enzo Fernández this summer amid strong transfer links with several European giants.
Recent reports have revealed Fernández's desire to leave Stamford Bridge following a turbulent campaign, and the Argentina international has already expressed his openness to living in Spain's capital after being asked about a potential Real Madrid move back in March.
Chelsea are reportedly demanding £120 million ($161.2 million), but such an enormous fee could deter Los Blancos from making their approach. The possibility of paying a reduced sum alongside a Madrid player heading the other way could be more appealing.
With former Madrid boss Xabi Alonso now at the helm at Stamford Bridge, the Spaniard has a deep familiarity with those he would welcome back into west London.
Here are five players Chelsea could use as part of any Fernández swap deal with Madrid.
Arda Güler
Arda Güler was a personal favorite of Alonso's during his brief seven-month tenure at the Bernabéu. During the 44-year-old's time in charge, no player made more appearances for the club than the attacking midfielder's 34, during which he contributed four goals and 10 assists.
The Türkiye international occupied a variety of positions under Alonso, but was primarily deployed in midfield, both in an advanced No. 10 role and as a deep-lying playmaker. Their working relationship was productive and Güler clearly retains the Spaniard's confidence.
"When he calls you into his office and explains something about tactics, it's very difficult not to be convinced," Güler recently said when discussing Alonso. Amid a turbulent period both on and off the pitch at Madrid, the appeal of the Premier League could prove compelling—even if Chelsea find themselves in an equally chaotic situation at present.
Of course, if Madrid's next manager—almost certainly José Mourinho—guarantees Güler a key role going forward, the idea of joining a Chelsea side without European football next season becomes less attractive. Still, the Blues, who hold strong negotiating leverage, would be foolish not to test Madrid and Güler's determination.
Eduardo Camavinga
Eduardo Camavinga left a far less favorable impression on Alonso during their time together. The midfielder featured just 19 times before Álvaro Arbeloa's mid-season appointment. However, he's perhaps the most realistic makeweight in any Fernández deal, with his future at the club looking increasingly uncertain heading into the summer.
Camavinga drew criticism for below-par displays throughout a difficult season for the 23-year-old and most of his teammates as discontent grew as the campaign wore on. Madrid no longer consider him untouchable, leaving the door ajar for a potential departure.
Despite a disappointing season, Chelsea shouldn't be put off. Camavinga's adaptability—the midfielder can operate in central areas and at left back—makes him a valuable asset, while his energetic and combative performances in the engine room should translate well to the Premier League.
Being left out of the France squad for this summer's World Cup could push Camavinga to seek a fresh start and more regular playing time. For Chelsea, they would be acquiring a young talent with enormous potential, outstanding experience and a winning mentality—not to mention reinforcing a midfield that will be stretched following Fernández's exit.
Federico Valverde
In an ideal scenario, Federico Valverde would be the midfielder Chelsea target ahead of Camavinga. The dynamic Uruguayan has been a cornerstone of Madrid's setup over the past five seasons, proving vital to the club's achievements under Carlo Ancelotti with his distinctive blend of energy, physicality and relentlessness.
Madrid seem unlikely to consider any swap deal involving the 27-year-old, but there have been whispers of the club softening their stance on a potential sale. A training ground altercation with Aurélien Tchouaméni that left Valverde hospitalized has dented his standing, though it would be a major surprise if Madrid didn't give him the chance to rebuild his reputation.
With reported interest from Paris Saint-Germain and Manchester City, Valverde looks almost certain to remain at the Bernabéu. But Chelsea are well-positioned should Madrid decide they are open to selling the two-time Champions League winner.
Jacobo Ramón
Jacobo Ramón is no longer a Madrid player, but that wouldn't stop the gifted central defender from being included in a swap deal for Fernández.
The 21-year-old joined Como last summer and was pivotal in helping the club secure Champions League qualification under former Chelsea midfielder Cesc Fàbregas. Ramón made 32 Serie A appearances and drew widespread praise for his composed and intelligent performances at such a young age.
Fortunately for Madrid, they hold a buyback clause for the Spaniard, allowing them to re-sign him for just $9.4 million (£7 million) this summer. Given Ramón's market value is estimated at roughly four times that figure at minimum, he could prove a useful bargaining chip in talks with Chelsea.
While the Blues should be prioritizing experience over potential this summer, Alonso's preference for a back three means further reinforcement in that area is necessary—particularly with Benoît Badiashile and Tosin Adarabioyo potentially on their way out. Ramón could prove a shrewd acquisition.
Victor Muñoz
Another young talent Madrid chose to sell last summer was academy product Victor Muñoz. The winger moved to Osasuna and made an immediate impact despite his limited senior experience. Twelve goal contributions and a series of eye-catching displays even earned him a spot on Spain's World Cup squad.
Muñoz could return to Madrid this summer for just $9.5 million (£7.1 million) and interest from Clásico rivals Barcelona could compel Los Blancos to re-sign the rising star. If they do, moving him on to Chelsea—effectively for a substantial profit—could help fund Fernández's arrival, while also keeping him out of Barça's hands.
Chelsea currently possess a wealth of wide options, yet none of them are particularly convincing. Jamie Gittens has struggled through an injury-disrupted debut season, while Alejandro Garnacho has been equally underwhelming in his first year. Pedro Neto still lacks the required clinical edge and Estêvão remains a raw talent yet to fully blossom.
While Muñoz would represent yet another inexperienced wide addition, the 22-year-old could prove an opportunistic signing with considerable upside.