Manchester City have agreed a deal with Chelsea to sign Enzo Fernandez for £125 million, matching the British transfer record, according to reports on the final day of the window.

The fee equals what Liverpool paid Newcastle for Alexander Isak last summer. Chelsea have allowed the 25-year-old to undergo a medical. Personal terms and official registration still have to be finished before the deadline.

The move closes a messy few weeks. Chelsea had said in mid-August that Fernandez would stay after City missed an internal deadline to bid. City then turned back to him when other pursuits stalled, including a failed attempt for Cody Gakpo. An offer around £104 million plus extras was rejected. Chelsea asked for a fixed £135 million. City threatened to walk away. The clubs met at £125 million.

Fernandez joined Chelsea from Benfica in January 2023 for £106.8 million and would now leave at a profit. He would also be the first player sold for more than £100 million twice. At the Etihad he would work again with Enzo Maresca, who coached him at Chelsea before taking the City job in January.

On the pitch the timing is awkward for Chelsea. Fernandez played a short spell in the opening win over Fulham and was unused against Luton and Brighton. For City, the signing is part of a midfield rebuild after several senior departures and already expensive arrivals.

Nothing is done until the medical is passed and the papers are in. Chelsea are chasing replacements. City are spending at a scale that will define their title challenge and their accounts. The record fee says as much about the market as it does about one midfielder.