Chelsea appear increasingly resigned to losing Enzo Fernández this summer amid intense transfer speculation. The club are seemingly demanding £120 million, but a straight cash payment of that size could put Real Madrid off. Including a Madrid player in a swap would be a more palatable option for Los Blancos.

With Xabi Alonso now in charge at Stamford Bridge, Chelsea have a manager who knows which former Madrid players he might want to reunite with in west London. Below are five names from Madrid’s recent squads who could be proposed as makeweights in any Fernández deal.

Arda Güler was a clear favourite of Alonso during his seven-month spell at the Bernabéu. Under Alonso no player made more appearances than Güler’s 34, during which he produced four goals and 10 assists. The Türkiye international was used in a variety of positions but primarily in midfield, both as an advanced No. 10 and as a deeper playmaker. “When he calls you into his office and explains something about tactics, it’s very difficult not to be convinced,” Güler recently revealed when speaking about Alonso. If Madrid’s next manager, almost certainly José Mourinho, promises Güler a key role, a move to a Chelsea side without European football might be less attractive. Still, Chelsea would be right to test both club and player.

Eduardo Camavinga made a weaker impression on Alonso and was used just 19 times prior to Álvaro Arbeloa’s mid-season arrival. Madrid no longer view him as untouchable after a testing campaign and critics highlighted inconsistent performances. Camavinga’s versatility, capable of operating in central midfield and at left back, and his experience make him a realistic makeweight, particularly if omission from the France squad for this summer’s World Cup motivates a change of scenery.

Federico Valverde would be the ideal midfield target. The 27-year-old Uruguayan has been a mainstay for Madrid over the past five seasons and is a two-time Champions League winner. Madrid appear unlikely to entertain a swap involving Valverde, though there have been murmurs of a softer stance. A training ground bust-up with Aurélien Tchouaméni that left Valverde hospitalised has affected perceptions, and reported interest from Paris Saint-Germain and Manchester City has been noted.

Jacobo Ramón is no longer a Madrid player but could still be part of talks. The 21-year-old joined Como last summer, made 32 Serie A appearances, and helped the club qualify for the Champions League under ex-Chelsea midfielder Cesc Fàbregas. Madrid hold a buyback clause of $9.4 million (£7 million) this summer; his market value is reported to be around four times that figure, making him a potentially useful negotiating asset.

Victor Muñoz is another young player Madrid sold last summer. The academy graduate joined Osasuna, registered 12 goal involvements and earned a place on Spain’s World Cup roster. He could return to Madrid for $9.5 million (£7.1 million) and interest from Barcelona could prompt Los Blancos to re-sign him and then move him on to help facilitate any Fernández transfer.

Summer will bring the familiar long negotiations and headline-grabbing speculation as clubs pursue a handful of marquee targets. Here are five stories most likely to shape the window.

Yan Diomande’s rise has been swift. Up until November 2024 he was in a youth academy in Florida, then moved from the United States to Leganés before an eye-catching switch to RB Leipzig last summer. The 19-year-old has recorded 13 goals and nine assists in an astonishing debut season with Leipzig and is now attracting Liverpool and Paris Saint-Germain. Reports value him around €100 million (£87m, $116m). Diomande will represent Côte d’Ivoire at the World Cup, a factor likely to complicate and prolong any transfer.

Enzo Fernández publicly cast doubt over his future during the March international break after flirting with Real Madrid. Speculation over his Chelsea exit has intensified with Manchester City joining the race and Enzo Maresca seen as the likely successor to Pep Guardiola. There is a sense that Chelsea’s final day defeat to Sunderland was Fernández’s last outing for the club, and he looks increasingly unlikely to spearhead Xabi Alonso’s revolution at Stamford Bridge. Chelsea are reportedly demanding around £120 million ($161 million), and the player’s participation at the World Cup for Argentina will delay any resolution.

Julián Álvarez remains a central talking point. Having stayed at Atlético Madrid for the 2025/26 campaign, the 26-year-old appears destined to leave Spain’s capital before next season. Barcelona are favourites and are preparing to launch a first official bid of roughly €100 million (£87m, $116m), though Atlético may seek more. Arsenal are also interested despite already possessing Viktor Gyökeres, Kai Havertz and Gabriel Jesus.

Elliot Anderson’s stock has risen sharply after a breakthrough season with Nottingham Forest and an England call-up for the World Cup. Interest from Manchester City and Manchester United looks significant, with City seemingly in the driving seat despite Guardiola’s exit. It could take about £100 million ($134 million) to complete that move. Anderson’s midfield compatriot Adam Wharton finished the campaign by leading Crystal Palace to Conference League glory, adding to the FA Cup won last term, and Palace face Europe-wide interest. Real Madrid, Arsenal, Liverpool, Man City and Man Utd have all been mentioned, with Palace valuing Wharton at approximately £100 million ($134 million).

As Xabi Alonso prepares to take charge this summer, Chelsea face a significant squad reshuffle that could see a number of peripheral players moved on. Deputy goalkeeper Filip Jörgensen is among those widely expected to leave Stamford Bridge.

Jörgensen, 24, has reportedly asked to leave in search of more regular minutes after previously wanting to move in the winter transfer window but being refused. The Denmark international featured just 13 times across the 2025–26 campaign, having been seldom used under Enzo Maresca and described as prone to errors when appearing for Liam Rosenior. He joined from Villarreal in 2024 for $26.6 million (£20.7 million) and has made his feelings clear to Chelsea’s head of global goalkeeping, Ben Roberts. Porto, Beşiktaş and Genoa showed interest during the January window, though no transfer is believed to be close and it remains to be seen whether those clubs will revive their interest. He is expected to attract suitors from the Premier League.

One high-value asset Chelsea hope to retain is Enzo Fernández. The Argentina international spoke publicly about a possible move to Real Madrid during the March international break, an action that saw the Blues suspend him for two matches. Manchester City have also emerged as a candidate for his signature as they prepare for life under Fernández’s former Chelsea boss, Enzo Maresca. The 25-year-old is seemingly eager to leave after a turbulent season and the club has valued him at approximately $161.2 million (£120 million).

Chelsea are prepared to lose other squad members. Axel Disasi and David Datro Fofana are expected to move on after returning from loan spells. Academy graduate Tyrique George could be sold for pure profit as an accountacy boost after a disappointing loan with Everton in early 2026. A decision must be made on Nicolas Jackson, who will not join Bayern Munich permanently after a loan that produced a domestic double and 14 goal involvements; the 24-year-old could still be given an opportunity under Alonso. Liam Delap may be among those departing despite only joining last summer. A woeful debut season, the arrival of Strasbourg’s Emmanuel Emegha and a return of just three goals in 47 appearances make the 23-year-old a candidate for a sale.