Arsenal Enters Enzo Fernández Transfer Race – Prioritizing Tonali

Arsenal have stepped into one of the summer’s most glamorous transfer chases, joining Manchester City and Real Madrid in the hunt for Chelsea midfielder Enzo Fernández. They are in the race, but not leading it.

Inside the Emirates, Mikel Arteta’s staff admire Fernández, recognise his pedigree and his impact at Stamford Bridge, yet he is not the name ringed in red on their midfield shortlist. That distinction, for now, belongs to Sandro Tonali.

Enzo’s Chelsea chapter turns sour

Chelsea broke the British transfer record in February 2023 when they wired Benfica £107 million for Fernández, fresh from his World Cup heroics. It was a statement signing, and a risky one. His first months in England were uneven, flashes of quality wrapped in a side still trying to work out what it wanted to be.

This season, the Argentine found his rhythm. While Chelsea lurched through another chaotic campaign – 10th in the Premier League, FA Cup final lost to Manchester City, questions everywhere – Fernández quietly put up elite numbers: 15 goals and seven assists across 54 games. In a team often short of structure, he supplied control, penetration and, increasingly, end product.

Yet he wants out.

The 25‑year‑old does not intend to wait years for Chelsea to become contenders again, either in the league or in Europe. The departure of Enzo Maresca, with whom he had built a strong relationship, cut deep. It underlined a wider feeling: the project around him keeps changing; his ambitions do not.

New head coach Xabi Alonso sees him as central to any revival and wants to build with him, not without him. But Fernández has already instructed his agent to sound out interested clubs. The door at his end is open.

Arsenal watching – but Tonali comes first

According to CaughtOffside, Arsenal have now “joined the race” and are actively monitoring developments. A move across London would be explosive, the kind of transfer that shifts power and narrative in one stroke.

Yet inside Arsenal’s recruitment plans, Fernández sits behind another target. Arteta’s priority in midfield is Newcastle United’s Sandro Tonali.

The Gunners made contact with Tonali’s camp in January and have not stepped back since. The Italian is understood to be keen on leaving Newcastle, with both Arsenal and Manchester United circling. Any deal will be expensive – his price is set around €100m (£87m) – but Arsenal see him as the primary piece for their next midfield evolution.

If Tonali proves unattainable, Arsenal could move more aggressively for Fernández. For now, they are lurking, not leading.

Madrid calling, City waiting

The heavyweight pull, though, comes from Spain. Reports in the Spanish press on Thursday suggested Fernández would prefer Real Madrid over Manchester City if given the choice. During the March international break, he had already made headlines by admitting he would like to live in Madrid, likening the city’s feel to Buenos Aires. It was a casual remark that sounded anything but casual.

Inside the Bernabéu, there is alignment. Jose Mourinho and president Florentino Pérez agree that Madrid need another elite midfielder to extend their dominance. With City standing firm over Rodri and showing no willingness to negotiate, Fernández has emerged as a logical alternative: technically refined, tactically flexible, entering his prime.

Chelsea, for their part, are determined not to take a financial hit. They have set his price at around €120m (£104m), just under what they paid Benfica. It is a clear message: if you want him, you will pay at the top of the market.

City’s position is more complicated. Fabrizio Romano reported on Wednesday that Maresca “loves” Fernández, but City are not currently in talks for him. Their focus remains on Nottingham Forest’s Elliot Anderson, who is viewed as the primary target. Only if that pursuit collapses could Fernández move up their list.

So Madrid have the player’s preference. City have the financial muscle and the habit of late-window moves. Arsenal, for now, have the angle of opportunity.

A midfield domino waiting to fall

Fernández’s situation sits at the crossroads of three superclubs’ plans and one ambitious challenger’s vision. Chelsea want to keep him, their new manager wants to build around him, but the player has told his agent to explore a future elsewhere. Arsenal are tracking, but with Tonali ahead of him. Madrid are tempted and admired by him. City are watching from a distance, focused on Anderson unless the market shifts.

One decision – from Fernández, from Madrid, from Newcastle over Tonali, or from City’s pursuit of Anderson – could trigger a chain reaction across Europe’s midfield market.

Chelsea know it. So do Arsenal.

The only question now is which club blinks first.