Real Madrid have identified Enzo Fernández as their primary midfield target this summer as the club prepares to prioritise a playmaker in the transfer market. While president Florentino Pérez has stirred debate about a possible “Galáctico” forward signing such as Michael Olise or Julián Alvarez, remaining funds are expected to be directed toward a deep-lying creator.

The Athletic reports Fernández is Mourinho’s “preferred choice” to boost the centre of the pitch, with Chelsea said to be open to selling the 25-year-old Argentina international for around £120 million. Fernández—who got himself into trouble at Chelsea previously for openly flirting with Real Madrid—has long been admired at the Bernabéu, and the player is reportedly ready to leave Stamford Bridge.

Other midfield options under consideration include Matheus Fernandes, Ayyoub Bouaddi and Kees Smit, but Fernández is widely viewed as the top candidate. The urgency to fund a large transfer means Madrid are expected to approve at least one significant departure. Dani Ceballos, Eduardo Camavinga and Aurélien Tchouaméni are all listed as possible exits, with Tchouaméni the likeliest to command a fee large enough to offset a deal. AS suggest the Frenchman, who has already attracted interest from Manchester United this summer, could be the club’s “major sale”.

Fernández has been deployed in varied roles for Chelsea this season, combining deeper duties with more advanced positions and contributing 15 goals in all competitions. With Argentina he operates as a two-way, box-to-box midfielder, providing support to Lionel Messi and the attacking line.

At Real Madrid he would be expected to operate as one of two pivots behind Jude Bellingham in Mourinho’s preferred 4–2–3–1, although debate remains over who would provide the more defensive balance should Tchouaméni depart. The club’s lack of a clear natural defensive midfielder complicates squad planning.

Meanwhile, Madrid’s interest in Fernández appears to have affected Nico Paz. After a season on loan at Como, a €9 million buyback had been anticipated, but AS now reports Paz has been told he can expect to remain in Italy for another year.

Víctor Muñoz completed a surprise transfer to Liverpool following a breakout season at Osasuna, a move that came despite Newcastle United being in pole position. Liverpool hijacked the deal for $46 million (€40 million), the club’s first official signing under new boss Andoni Iraola. Muñoz will return from representing Spain at the 2026 World Cup and face the familiar challenges of a new country, league and team, and possibly a new shirt number.

Muñoz most recently wore 21 during his debut campaign with Osasuna. The 21 shirt is technically available at Liverpool after Konstantinos Tsimikas left it vacant when he joined Roma on loan. Tsimikas is expected to return to Merseyside, but his future in red remains uncertain. There is a reality in which he could be on his way out this summer, but reports suggest Tsimikas wants to stay and compete with Milos Kerkez for minutes in the final year of his contract. Should he get his wish, he could once again wear 21.

At Real Madrid, Muñoz has worn several numbers. He had brief first-team appearances wearing 44, which he only wore four times. He spent more time with Real Madrid Castilla wearing 23 and 9. The 23 shirt is available at Anfield after Luis Díaz moved to Bayern Munich, while the 9 is currently owned by Alexander Isak.

For Spain, the 22-year-old dons the 25 shirt, which belongs to Giorgi Mamardashvili at Liverpool. Muñoz’s choices were constrained by La Liga rules that require first-team players to wear numbers between 1 and 25; that restriction explains why players sometimes change numbers when they move between leagues. The winger’s shirt decision at Liverpool will be resolved after his return and as the squad settles under Iraola.

Real Madrid have made clear they will not entertain offers for Álvaro Carreras this summer, a development that complicates Chelsea’s search for a replacement for Marc Cucurella. According to AS, the Spanish club consider Carreras “untouchable” and are not prepared to move him on only a year after his arrival.

Carreras arrived from Benfica last summer for $58.42 million (€50 million) and was handed a six-year contract. Los Blancos view him as part of a recent investment and, per the report, will only consider offers that would see him leave at a financial loss on that initial outlay. Mourinho is expected to rely on Carreras to compete with Cucurella for the starting left back position next season.

Real Madrid also face uncertainty in their left-back ranks beyond Carreras. Ferland Mendy’s recurring injury problems have left the Frenchman as an unreliable alternative, and he could be on the way out of the club. Fran García, a La Fábrica graduate, has attracted interest from several teams across Europe and may also depart. With two of the four left backs in the squad potentially headed for exits, Carreras provides necessary depth and competition.

For Chelsea, Cucurella’s move to Real Madrid removes one target and Carreras’s unavailability leaves the Blues with limited options. At present, 20-year-old Jorrel Hato is the only recognised left back at Xabi Alonso’s disposal. Hato was also used regularly at centre back during his debut season at Stamford Bridge.

Chelsea have secured the signing of Denner Evangelista, but the 18-year-old is considered a long-term prospect and is not expected to join the first team this summer. Reuniting with Lewis Hall has been suggested as a possibility, but it appears unlikely given that the same ownership group previously allowed the Cobham graduate to leave. As the window progresses, Chelsea will need to widen their search for a left back while Real Madrid maintain a firm stance on Carreras.