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.

Chelsea supporters are waiting for preseason to see how Xabi Alonso will shape the team. The club’s summer business has already hinted at the manager’s intentions: deals to sign Strasbourg striker Emmanuel Emegha and midfielder Valentín Barco have been agreed, though only Emegha’s move is officially confirmed so far.

Sources first revealed the club has outbid Inter to sign Atalanta right back Marco Palestra, with Alonso said to have made direct contact to persuade the 21-year-old. The finishing touches are being put on a deal that is expected to cost Chelsea an initial €57 million ($64.9 million, £49.2 million), plus a further €3 million ($3.4 million, £2.6 million) in add-ons.

Palestra delivered a breakthrough season on loan at Cagliari in 2025–26, making 37 appearances and earning the division’s award for best defender. The majority of his minutes came as a right wing back, where he contributed one goal and four assists while maintaining his defensive duties. Across those 37 appearances, 33 came as a wing back — 31 on the right and two on the left. He was used as a traditional right back three times and played a total of 79 minutes as a left back.

Those usage patterns point strongly to a wing back role at Stamford Bridge, which would align with a 3-4-2-1 system many expect under Alonso. Chelsea already possess options at right back in Reece James and Malo Gusto, but formation changes would reshape those roles. There are questions about James’s physical capability to sustain such a demanding position after years of injury struggles, while Gusto is reportedly considering his future.

Palestra has emphasised his versatility. “If I have a choice, I obviously prefer the right, but I’m equally comfortable on the left and have no problems,” Palestra reflected to DAZN earlier this summer. “Playing with both right and left foot is a matter of practice; the more I felt left-footed, the better I got.

“There are things where I think I can do better with my left foot, and then shoot with my right. But it’s something that comes naturally to me, going after a man with my left.”

Whether he replaces Marc Cucurella directly or fills another wing back vacancy, the evidence points to Palestra arriving as a wing back rather than a traditional full back.

Folarin Balogun has emerged as one of the most sought-after forwards in the post-World Cup market, with Monaco receiving interest from clubs across Europe and the player reported to be keen on a fresh challenge. Any sale could become the second-highest for a U.S. player, behind only Christian Pulisic’s $73 million switch to Chelsea in 2019.

The forward’s profile suits several different needs. Arsenal represent a natural fit. Balogun came through Arsenal ’s academy but was sold without ever really getting a chance in the first team. Two goals in just 209 senior minutes was impressive but Balogun left with a sense of unfinished business with the Gunners. Arsenal spent big on Viktor Gyökeres last summer but ended the season with Kai Havertz as their starting striker, leaving many believing manager Mikel Arteta may not be entirely satisfied with the options available to him. Bringing Balogun, a homegrown talent, back to the club would be a great move for Arsenal, although whether the 24-year-old would accept such a move without a guarantee of regular starts is a different matter. He has, however, spoken glowingly about the opportunity to be closer to family on brief returns to London.

Chelsea remain a potential suitor despite a crowded forward line. João Pedro has been an excellent addition, but Liam Delap’s time at Stamford Bridge has been a massive disappointment and could be coming to an end this summer. Returning loanee Nicolas Jackson and new signing Emmanuel Emegha add to a bloated forward line. Much will depend on the opinion of new manager Xabi Alonso, who has been given significant influence in Chelsea’s transfer dealings after agreeing to replace Liam Rosenior.

Newcastle could offer minutes and resources. Last summer the Magpies spent heavily on strikers, bringing in Nick Woltemade and Yoane Wissa for around $164 million (£124 million), yet Eddie Howe quickly lost faith in both and is thought to be chasing another starting striker.

Juventus face turnover up front after a mixed window. Jonathan David was solid at best, Loïs Openda is available following a triggered purchase clause, and Dušan Vlahović could depart, creating room for change and a link-up with international teammate McKennie.

Finally, Borussia Dortmund’s record of developing forwards and the chance to capitalise on World Cup momentum make them an appealing option. Across these five destinations, Balogun’s next move will hinge on Monaco’s valuation and the guarantees each club can offer.