Manchester City have reached an agreement with Chelsea to sign Enzo Fernandez for a fee of £125 million, following 24 hours of negotiations between the two Premier League clubs.

Fernandez will now undergo a medical before completing his move to the Etihad Stadium, with personal terms not expected to be an issue. The Argentina international is set to sign a long-term contract with City.

The 25-year-old joined Chelsea from Benfica in 2023 for a then-British record fee of £107 million. His proposed move to Manchester City matches the £125 million Liverpool paid for Alexander Isak last summer.

City manager Enzo Maresca is keen to reunite with Fernandez after previously working with the midfielder during his time in charge of Chelsea. Maresca has been looking to strengthen his midfield following the departure of several players this summer.

Fernandez was left out of Chelsea’s squad for their 4-3 Premier League victory over Brighton on Sunday and their 2-0 Carabao Cup win against Luton, amid reports that he had asked not to be selected.

The transfer would represent another major investment from Manchester City, who have now broken their club-record transfer fee twice this summer. Their previous record signing was Elliot Anderson from Nottingham Forest for £116 million.

Fernandez would also become the fourth Premier League player to command a transfer fee of at least £100 million this summer, joining Morgan Rogers, Bradley Barcola and Anderson.