Chelsea midfielder Enzo Fernández is shaping up to be one of the most closely watched figures of the summer transfer window in 2026, with interest growing from across Europe’s elite.
Despite being under contract at Chelsea until 2032, the Argentine’s future is far from straightforward, as sporting ambition, financial reality, and outside interest begin to converge.
Fernández remains a central figure at Stamford Bridge, both in terms of on-pitch influence and long-term planning.
Much of Madrid’s thinking is linked to the long-term outlook surrounding Jude Bellingham.
Should Bellingham move on at the end of the season, a scenario Madrid are not actively planning for but cannot ignore, Fernández is seen as a profile capable of stepping into a leadership role at the Bernabéu.
That said, Madrid’s midfield is currently well stocked, and sources close to the club suggest there is no urgency to act.
Any move would likely depend on significant outgoings, which naturally slows momentum.
Chelsea’s stance remains firm in public. Head coach Liam Rosenior has repeatedly shown his desire to build around Fernández.
Internally, the Argentine is viewed as a reference point for both the present and the future.
Yet Chelsea’s financial obligations mean tough decisions may loom. If the club opt to sell, sources suggest a fee in the region of €100-110 million would be required.
The transfer window is now closed, so we’ve rounded up every single done deal by all 20 Premier League clubs over the last month.
It wasn’t the most memorable January transfer window, but read on for every done deal as there were some major deals done by the likes of Manchester City, Arsenal and Tottenham.
For City, it was a pretty exciting window as Pep Guardiola moved to bring in Antoine Semenyo from Bournemouth after his terrific form there in the last year and a half or so.
Meanwhile, Marc Guehi also made the move to the Etihad Stadium to fill the void left by the injured Josko Gvardiol, meaning that long-running saga came to an end a little earlier than expected, with his Crystal Palace contract only a few months away from expiring anyway.
For Arsenal, it was mostly a window of exits, as Ethan Nwaneri joined Marseille on loan, while Oleksandr Zinchenko left for a permanent move to Ajax.
Elsewhere, Conor Gallagher was a big name arrival back to the Premier League, with the former Chelsea midfielder leaving Atletico Madrid after a year and a half to join Tottenham.
Read on for our full list of done deals from this transfer window…
Arsenal
IN
None
OUT
Osman Kamara – Blackburn, undisclosed
Oleksandr Zinchenko – Ajax, undisclosed
Louie Copley – Crawley, loan
Ethan Nwaneri – Marseille, loan
Maldini Kacurri – Grimsby, loan
Aston Villa
Tammy Abraham in action for Aston Villa (Photo by Mark Thompson/Getty Images)
IN
Tammy Abraham – Besiktas, £18.2m
Alysson – Gremio, £10m
Brian Madjo – Metz, undisclosed
Leon Bailey – Roma, loan recall
Douglas Luiz – Juventus, loan
OUT
Louie Barry – Stockport, loan
Samuel Iling-Junior, Pisa, loan
Ben Broggio – Falkirk, loan
Jamaldeen Jimoh-Aloba – West Brom, loan
Evann Guessand – Crystal Palace, loan
Aidan Borland – Swindon, loan
Sil Swinkels – Chesterfield, loan
Donyell Malen – Roma, loan with £21.6m obligation to buy
Manchester City’s relationship with Kalvin Phillips appears to be nearing a decisive breaking point, with the Premier League giants now prepared to sanction his exit in the final hours of the transfer window.
Signed from Leeds United in 2022 for a fee believed to be around £45 million, Phillips’ move to the Etihad has failed to deliver on expectations, and City’s patience has now worn thin, sources close to the agents industry have informed CaughtOffside.
Despite being tied to a contract that runs until June 2028, Phillips’ standing within the squad has deteriorated sharply.
His limited game time, coupled with underwhelming loan spells away from Manchester, has significantly reduced his market value, leaving City facing a difficult balancing act between cutting their losses and finding a deal that works financially.
Man City valuation and wage complications
Sources close to the situation suggest City are willing to open negotiations at around £10 million, a stark contrast to their original investment.
There is also an acceptance that the fee could drop further if it helps facilitate a permanent exit.
The biggest stumbling block, however, remains Phillips’ salary.
Earning in the region of £150,000-£165,000 per week, the England international is priced out of contention for many potential suitors.
As a result, City may be forced to subsidise part of his wages to get a deal over the line.
Wolves’ interest centres on a loan deal that would include an option to buy, allowing them to add experience without an immediate financial outlay.
Meanwhile, Burnley are pushing hard in their fight against relegation. Burnley are the only club willing to guarantee Phillips a regular starting role, a factor that could weigh heavily in his decision-making.
For Phillips, this next move may define the remainder of his career. However, another unsuccessful spell could see his standing at the top level erode beyond repair.
A potential January exit for Brahim Díaz is emerging as a realistic scenario at Real Madrid, with the player’s limited involvement this season prompting renewed transfer discussions across Europe.
Opportunities have been hard to come by during the current campaign for the Morocco international.
Competition for places remains fierce, and Díaz has struggled to secure a consistent run of starts.
As a result, his representatives have begun exploring options elsewhere, sources close to the agents industry have informed CaughtOffside.
England is viewed as the preferred destination should a winter move materialise, largely due to the promise of regular minutes and a more defined attacking role.
Real Madrid are firmly in the middle of a title race and are understandably reluctant to weaken their squad depth midway through the season.
However, they are not entirely opposed to a sale if their valuation is met. Madrid are seeking a fee in the region of €60 million.
Newcastle United need a versatile player like Díaz
Brahim Diaz in action for Real Madrid (Photo by Juan Manuel Serrano Arce/Getty Images)
Since returning from international duty at AFCON, his role has been even more limited, further fuelling speculation that a change of scenery may be in his best interests.
He is a versatile player that Eddie Howe would love at Newcastle United. His ability to play across the front line is something that the Magpies need.
His technical skill set, ability to operate in multiple attacking roles, and experience at the highest level make him an attractive proposition for the clubs looking to sign him.
Real Madrid’s stance will likely depend on timing and offers. Should the right bid arrive, a deal could suit all parties.
Sources have informed CaughtOffside that Tottenham have shown interest, but they’re not alone. London rivals West Ham, Fulham, and Crystal Palace are also in the race, with Sterling’s desire to stay in the capital for family reasons giving them an edge.
Fulham’s connection with Marco Silva, Palace’s squad planning, and West Ham’s need for attacking depth all make him an appealing option. Brentford’s name has also been mentioned, though financial constraints weaken their chances.
The key factor is Sterling’s willingness to take a huge pay cut. From earning €375,000 per week at Chelsea, he’s ready to sign for less than a third of that amount.
This flexibility has attracted interest from abroad as well, with Juventus, Napoli, Bayern Munich, and Roma all monitoring the situation. MLS clubs have made approaches too, but Sterling’s priority is to remain at the top level and, ideally, join a team competing in the Champions League.
Raheem Sterling in action for Chelsea (Photo by Jeff Dean/Getty Images)
Sterling should look to join a club where he will play regularly. He has struggled for regular football in recent months. His time at Chelsea did not go according to plan; he scored 19 goals and recorded 15 assists in 81 appearances. He will look to return to his best with regular football. There is no doubt that he could be a very effective signing in the right team. He has tremendous quality and a wealth of experience playing at the highest level.
Tottenham need a dynamic attacker who can slot into multiple roles and contribute with goals and assists. The England International could be ideal for them.
He has won major trophies, including the Premier League, and his experience could prove invaluable for Tottenham.
Login
