The Argentina international is being linked with Real Madrid, Paris Saint-Germain and Manchester City.
However, Flashscore sources indicate there is doubt inside Stamford Bridge over whether any of those clubs will follow through with an offer that matches Chelsea’s valuation.
The price point is central to the situation, as Fernandez arrived for £106.8 million - and Chelsea would demand a figure in excess of that to even consider a sale.
As things stand, there is little expectation internally that interested clubs will reach that level. The club’s preference is not to sell and there is a growing determination within the hierarchy to avoid a summer overhaul that risks destabilising the squad, particularly after a turbulent campaign.
Keeping Fernandez is viewed as part of maintaining a core group capable of improving under new leadership.
This week's managerial change is another key factor as to why Chelsea have fresh hope of keeping the player.
Under Liam Rosenior, Chelsea’s form deteriorated and Fernandez’s influence dipped alongside it. The midfielder also served a suspension after publicly expressing a desire to live in Madrid - comments that intensified speculation over his future at the time.
Rosenior’s dismissal on Wednesday has shifted the outlook.
Chelsea are now searching for a manager with tactical clarity, authority and pedigree to rebuild the team’s identity. There is internal belief that a respected voice could re-energise Fernandez and restore his importance within the side.
It is important to note that interest from Europe’s elite remains real. Madrid and PSG both have Fernandez in their sights and Man City are coming into the picture as they consider ways to reshape their side for next season.
That City interest could become even more defined if Enzo Maresca - the former Chelsea boss - is to take over from Pep Guardiola in the summer, as is being mooted.
But Chelsea’s stance is that the situation is not yet at the stage where a departure is likely. Only a significant, “mega” offer would force a serious reassessment.
That position is underlined by the club’s recent efforts to reinforce stability in midfield, with Moises Caicedo signing a new seven-year contract earlier last week. Ideally, Chelsea would also sign Fernandez onto a new contract.
Keeping the partnership intact could be an important step in avoiding further disruption, as Chelsea attempt to bounce back from their slump and build a brighter future.