Sources indicate that Manchester United are the club showing strongest interest in the 21-year-old, although Arsenal, Liverpool and Paris Saint-Germain have also been credited with monitoring his situation.
As we reported last week, Man United are assessing whether a deal can be completed for less than £50 million and are keen to receive an early indication from West Ham regarding the feasibility of a transfer.
The Old Trafford hierarchy would prefer to avoid a prolonged saga stretching deep into the summer and are seeking clarity on potential targets as recruitment plans accelerate.
United want to sign three central midfielders this summer and have been pushing ahead with talks to sign Atalanta's Ederson, but have been making inroads on Fernandes at the same time.
We understand that early signs suggest West Ham have little intention of accepting offers in the region that United would be hoping.
Club sources indicate the Hammers value Fernandes significantly higher, with a fee closer to £70 million currently being discussed internally.
Such a valuation could prove problematic for Manchester United, who are not believed to view a £70 million deal as representing strong value in the current market. As a result, there remains a sizeable gap between the likely asking price and the figure United would ideally like to pay.
Fernandes has emerged as one of West Ham's most valuable assets since arriving from Southampton in a deal worth around £40 million.
Despite the club's relegation from the Premier League, the midfielder's stock has continued to rise following a series of impressive performances.
West Ham's stance reflects both Fernandes' importance to the squad and the financial realities of losing top-flight status.
While they are determined not to be pressured into a cut-price sale, the club have already begun exploring potential midfield reinforcements as they prepare for life in the Championship.
Interest in Fernandes is expected to remain strong throughout the window, but West Ham are signalling that any club hoping to secure his signature will need to meet a valuation that reflects his age, potential and growing reputation across Europe.