Chelsea had set 5pm Friday as the point by which they wanted City to make a firm £120 million move for Fernandez, allowing them to plan for a replacement if they decided to sell.
However, City do not regard Chelsea's deadline as the end of the matter. The formal transfer window remains open until September 1st, and there is still a belief at the club that Fernandez would be interested in making the move to the Etihad.
City have remained in contact with representatives over a potential deal and, at the end of play on Friday, the transfer was still considered a possibility on their side.
Chelsea have a different view following the expiry of their deadline. They believe the matter is closed and, if they are to consider selling Fernandez, they would at the very least want a higher price.
The Argentina international is under contract at Chelsea until 2032, but there remains a feeling that he would like to leave the club.
And if Fernandez does depart, City are considered his most likely destination.
Chelsea sources maintain that the situation is effectively settled and that the club would be happy to keep Fernandez. We understand they have even considered offering him a new contract.
But City's position is different, meaning the story may not be over despite Chelsea's deadline passing.
For now, Fernandez remains a Chelsea player - but City's continued interest means the possibility of a late move remains open.
Dean Jones is a transfer news and football insider for Flashscore, since 2025. He has been a journalist on leading UK newspapers and websites over the past 20 years, establishing himself as an authoritative and trusted voice in the industry.
