Fernandez, 22, has piqued Chelsea’s interest, with the club willing to pay more than his current €120 million (£105 million) release clause.
According to reports, Benfica want to increase Enzo Fernandez’s release clause to €150 million (£132 million) to prevent him from joining Chelsea.
Chelsea were unable to reach an agreement with the Argentina international earlier this month, but are planning a renewed push for him before the January transfer window closes, having maintained close contact with his agent in recent weeks.
Fernandez, 22, has piqued Chelsea’s interest, with the club willing to pay more than his current €120 million (£105 million) release clause.
An offer of £112 million was tabled, but Chelsea requested that it be paid in three annual instalments, with Benfica insisting that he would only leave if his clause was paid in full.
Chelsea also made a £79 million offer to Benfica, along with Hakim Ziyech and two other loan players.
However, those approaches were rejected, and the Portuguese club is now looking to increase his release clause from €120 million (£105 million) to €150 million (£132 million) in order to deter interest in their star player, according to Record.
Chelsea, on the other hand, may be tempted to make a late bid for Fernandez with the January transfer window closing in two days.
Since Todd Boehly took over for Roman Abramovich in the summer, the Blues have spent a total of £468.6 million.
The west London club have already signed six players in the January transfer window – Mykhailo Mudryk, Benoit Badiashile, David Datro Fofana, Andrey Santos and Noni Madueke on permanent contracts, and Joao Felix on loan – and may still try to sign Fernandez.
Benfica head coach Roger Schmidt, on the other hand, claims Fernandez is “not thinking about” a move to Chelsea and is confident he will not leave the club this month.
When asked if he was certain Fernandez would stay, Schmidt replied, ‘Yes. When you see Enzo play for Benfica, you see a very happy player in excellent condition.
‘He can’t think of anything else. I don’t expect to lose any of our regulars, which is why I see very focused players, and I hope that continues’.