Manchester City have submitted a £102.5 million bid for Chelsea midfielder Enzo Fernandez, according to journalist Cesar Luis Merlo.
The offer for the Argentina international was lodged with just over 24 hours remaining of the ultimatum Chelsea issued.
According to The Athletic, they have informed City that they have until 5.00 pm on Friday to offer £120m or forget about signing Fernandez this summer.
The Argentina international has been strongly linked with a move away from Stamford Bridge, and a reunion with former manager Enzo Maresca would appeal to him.
Chelsea have made their valuation of the 25-year-old public, informing the midfielder’s representatives and City of their decision.
Their valuation is based on the fees paid for Elliot Anderson (£116m) and Sandro Tonali (£100m) this summer.
Fernandez returned to Chelsea this week for pre-season looking relaxed and pleased to be back at the club.
The former Benfica man has not publicly asked to leave or handed in a transfer request, and spoke to manager Xabi Alonso earlier this summer.
He was hopeful of a move to Real Madrid materialising, but they issued a statement saying they were not interested in him.
Maresca is the main driving force behind City’s bid to sign the 2022 World Cup winner.
Chelsea are unwilling to be dragged into a lengthy transfer saga that would put them in a weak negotiating position when they need to find a replacement in the closing days of the transfer window.