Fernandez has been strongly linked with a departure from Stamford Bridge this summer, with Real Madrid interested in signing him.
However, according to The Daily Mail, the interest from Real Madrid is genuine, and they have expressed interest in signing the World Cup winner this summer.
The report added that Chelsea will not allow Fernandez to Stamford Bridge, unless they receive an offer of £120million for his signature.
The Premier League west London club paid Benfica £106.8m for Fernandez when they signed him in 2023.
They intend to make a profit on the 25-year-old midfielder if he leaves this summer transfer window.
In March, Fernandez expressed his desire to live in the City of Madrid in the future, fuelling speculation that he was pursuing a move to the Los Blancos.
As a result, Chelsea banned him for two games in April for the comments he made.