A tenth-place Premier League finish will have bruised BlueCo, though they will also have been acutely aware that that was not the nadir of their project. Chelsea need to find some stability, and they may well have struck gold there, hiring Xabi Alonso, one of the most talented young tacticians in the world.
Alonso brings hope and expectation, but ambitions may need to be tempered slightly in the short-term, with that tenth-place finish severing Chelsea's link to European football - for now.
Marc Cucurella has already joined Real Madrid, and further high-profile departures could be around the bend, with Enzo Fernandez's future at Stamford Bridge anything but certain.
Why losing Fernandez is a blow for Chelsea
"Do you want to keep Enzo Fernandez at Chelsea", asked one reporter during Alonso's first Chelsea press conference. "Yes", was the short and emphatic answer.
This is the Blues' club-record signing, someone who spearheaded the BlueCo era when joining from Benfica for £107m back in January 2023. Chelsea have bobbed up and down since then, but there's no question that the Argentina superstar has been one of the most important and influential members of the squad.
Hailed as a "winner" with "so much fire" in his belly by former Chelsea interim manager Calum McFarlane, Fernandez is the prototypical modern midfielder: he scores, creates, duels, challenges, dictates tempo.
He has also been a mainstay throughout the shaky BlueCo era, and last season in the Premier League, Fernandez scored ten goals, created 11 big chances and covered so much ground across midfield.
Most Appearances for Chelsea (current players)
Player
Apps
G/A
|
Reece James
|
229
|
47
|
|
Enzo Fernandez
|
169
|
67
|
|
Trevoh Chalobah
|
151
|
11
|
|
Moises Caicedo
|
148
|
19
|
|
Malo Gusto
|
134
|
20
|
A natural-born leader, you can see why Alonso doesn't want to lose him - and you can see why some of Europe's elite are so keen. Even if Real Madrid fail to firm up their interest, Arsenal and Manchester City have made their desire clear.
All in all, Fernandez is a special midfielder, one of a kind. He has shown that once again for his nation this summer, and England fans will hope that he has an off day on Wednesday, during the much-anticipated semi-final.
However, if he does leave, there's no question that the Blues will need to replace him.
Chelsea in the picture to sign big-money Fernandez replacement
The midfield market has been in overdrive in the Premier League this summer, and while Sandro Tonali and Mateus Fernandes have already joined Tottenham Hotspur, Elliot Anderson moving to Manchester City, Bruno Guimaraes hoping to join Arsenal, Chelsea could pull off their own marquee move in the coming months.
As per Chelsea transfer insider Simon Phillips, Alonso and his coterie have identified Crystal Palace's Adam Wharton as their top target to strengthen the midfield this summer, should Fernandez end up leaving.
Outwardly, it might seem that Fernandez could stay at Stamford Bridge beyond the summer, but Wharton is still a top target, and given that BlueCo officials have already engaged in "conversations with his agents", it's clear that they are covering their bases.
Palace are understood to value the England international, who was overlooked by Thomas Tuchel ahead of the World Cup, at around £100m. Chelsea, along with any other suitors (Liverpool and Manchester United have both expressed an interest since the end of the 2025/26 season), wouldn't be willing to pay that much, so this one really does hang in the balance.
Wharton is not as athletically robust as some other elite Premier League midfielders, but he is a "passing machine", as has been noted by journalist Henry Winter, and has fostered a winning mentality over the past couple of years with Oliver Glasner, bagging the FA Cup in 2024/25 and then the Conference League title last year.
Fernandez is one of the smoothest deep-lying playmakers in the Premier League. He also won only 43% of his ground battles in the top flight last season, so for all his creative and natural knack for finding the back of the net, the South American is not irreplaceable, especially if a midfielder of Wharton's profile is welcomed to replace him.
Wharton is no longer a newbie in the Premier League, and his game-changing technical ability could bear dividends for a Chelsea team in transition.
Alonso and the board will not want to fork out a nine-digit sum for his services. Palace's asking price needs to be shaved down. However, if Fernandez is sold, he could be the perfect replacement - and there would be money to spare.
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