Chelsea are expected to demand a fee in the region of £120 million ($161m) if Enzo Fernández tries to force his way out of the club this summer, sources have told ESPN.
The 25-year-old is believed to be considering his options after the Blues missed out on qualifying for Europe next season following a tenth-place finish in the Premier League.
Sources have told ESPN that Chelsea expect him to report for preseason training following the World Cup but speculation is mounting that Fernández could formally ask to leave the club.
The Argentina international is contracted to the Blues until 2032 and they would prefer not to lose such an influential player.
Sources have indicated that any interested clubs would be expected to surpass the £107m ($144m) fee which Chelsea paid Benfica for Fernández in February 2023.
Sources have suggested Real Madrid are interested in Fernández but the asking price is an obstacle and the club's transfer strategy is unclear given the presidential elections taking place. Manchester City are also thought to be tracking the situation.
While Chelsea are not under financial pressure to sell, cashing in on Fernández would help finance a rebuild under new manager Xabi Alonso. It is unclear at this stage whether Alonso and Fernández have spoken.
Alonso does not officially begin work at Stamford Bridge until July 1 after agreeing a four-year contract.
Fernández hinted at his unhappiness in an interview with ESPN Argentina following Chelsea's Champions League exit to Paris Saint-Germain in March.
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He was then dropped for two matches for suggesting during the international break later that month that "I'd like to live in Spain, I really like Madrid," fuelling speculation over a move to Real Madrid.
Fernández's agent Javier Pastore branded the decision "completely unfair" adding that even though the player had accepted the club's stance, "we don't understand the punishment because he doesn't mention any club or say he wants to leave Chelsea."
Fernández has scored 19 goals and registered 17 assists in 117 Premier League appearances for Chelsea.