The biggest driver is obvious: midfield change. Other reports say Rodri is on his way to Barcelona for £65.4m, which would leave City reshaping the core of their side. They have already spent heavily, with Elliot Anderson arriving for £116m, but that does not automatically close the door on another major move.
Fernandez would offer:
If City are prepared to revisit the deal, it would underline how seriously they view the need for another elite central option.
From Chelsea’s side, the message appears simple: pay the price or move on. A valuation of £120m sets a very high bar, and the missed deadline strengthens their hand rather than weakening it. They do not need to act like sellers unless the offer is exceptional.
There is also a human angle. Fernandez was introduced against Real Sociedad on Saturday and was booed by sections of the crowd. That does not prove an exit is close, but it does show how quickly transfer noise can affect the atmosphere around a player.
Right now, the key point is that no bid went in before the cut-off. That matters. It means this remains an ongoing story rather than a negotiation in full flow. Other reports also suggest City have alternative midfield targets, which gives them room to wait rather than panic.
The next few days will tell the story. Chelsea’s upcoming trip to Fulham will sharpen the focus on Fernandez’s role, while City’s midfield planning will stay under scrutiny until the window either produces a formal offer or the noise finally fades.