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Chelsea's Enzo Fernández has emerged as Real Madrid's top transfer priority this summer, as the Spanish giants seek a creative midfield presence, with Aurelién Tchouaméni's future at the club increasingly uncertain.
The lack of creativity from deep midfield has plagued Madrid since Toni Kroos left in 2024, with Luka Modrić following suit a year later. The two iconic figures left a significant void in the team's core that remains unfilled, with Madrid failing to win any silverware since Kroos's departure following their Champions League triumph at the close of the 2023–24 campaign.
While club president Florentino Pérez has generated considerable speculation around a potential "Galáctico" attacking signing — with names like Michael Olise and Julián Alvarez circulating — it appears more probable that the bulk of the remaining summer budget will be directed toward securing a deep-lying playmaker.
The Athletic reports that Mourinho's "top target" to reinforce his midfield is Fernández, with Chelsea reportedly willing to part ways with the 25-year-old Argentine international for approximately £120 million ($160 million).
Fernández Arrival Would Require 'Major' Exit
Fernández — who previously courted controversy at Chelsea by publicly expressing his admiration for Real Madrid — has long been on the Bernabéu's radar, and the player himself is reportedly eager to leave Stamford Bridge.
The Athletic's report also notes that West Ham's Matheus Fernandes, Lille's Moroccan teenage prodigy Ayyoub Bouaddi, and Dutch youngster Kees Smit are being monitored as alternatives, though Fernández remains the clear frontrunner.
Nevertheless, to accommodate a high-profile signing, Madrid are expected to greenlight at least one departure, with Dani Ceballos, Eduardo Camavinga, and even Tchouaméni all potentially available for the right price. Of the three, only Tchouaméni is likely to command a fee large enough to meaningfully offset the cost of bringing in Fernández. AS suggests that the French international, who has already attracted interest from Manchester United this summer, could be the "major sale" needed to unlock the necessary funds.
How Could Real Madrid Line Up With Enzo Fernández?
Fernández has been deployed in various midfield positions at Chelsea, operating both as a deep-lying and more advanced midfielder, and has demonstrated his attacking instincts this season with 15 goals across all competitions.
At international level with Argentina, he typically fulfills a dynamic, box-to-box role, providing support to Lionel Messi and the attacking line.
Should he complete a move to Real Madrid, he would be tasked with operating as one of two pivots behind Jude Bellingham in Mourinho's favored 4–2–3–1 formation. There could be scope for the ex-Benfica midfielder to push further forward at times, but Mourinho is reportedly committed to building his system around Bellingham.
What remains uncertain is who would partner Fernández in midfield if Tchouaméni were sold, given the club's shortage of natural defensive midfielders.
What Does This Mean for Nico Paz?
Madrid's pursuit of Fernández could also have knock-on consequences for another transfer target — Nico Paz.
The 21-year-old Argentine, who is Fernández's international teammate, had been widely anticipated to return to the Bernabéu this summer via a €9 million ($10 million) buyback clause following his loan spell at Serie A outfit Como. However, AS now reports that Madrid have communicated to Paz that he should expect to spend at least one more year in Italy.
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Former Madrid academy graduates Jacobo Ramón and Chema Andrés, two additional players with buyback clauses at Como, have reportedly received the same message.
Real Madrid's option on Paz is valid until 2027, allowing them to defer the decision for another season, with the club seemingly content to let their asset continue developing at Como, where he will compete in Champions League football next term.