Cucurella joins Real Madrid - will Fernandez follow?

Marc Cucurella has officially joined Real Madrid just hours before his opening World Cup game with Spain, raising the question of whether his former Chelsea team-mate Enzo Fernandez follows.

The 27-year-old defender was the subject of a deal worth up to £51.8m on Sunday evening, with the transfer announced swiftly on Monday morning.

Sources in Spain say the agreement progressed rapidly with Chelsea, and a similar scenario could now develop with Fernandez.

Much depends on Madrid's willingness to spend a significant fee on the midfielder, who is valued by Chelsea at £120m.

It remains unclear how much Chelsea are willing to negotiate, or whether Madrid would meet that valuation for the Argentina international, who is also at the Fifa World Cup.

However, re-elected club president Florentino Perez has hinted at a potential signing worth €150m (£129.6m), having had a bid at that value rejected by Atletico Madrid for Fernandez's international team-mate Julian Alvarez. It suggests those funds could be put to use with Fernandez himself.

Well-placed sources say Fernandez is keen to leave Chelsea and join Real Madrid. Manchester City and Paris St-Germain have also been linked, but both are understood to have distanced themselves from any interest.

It appears to be Madrid or bust for Fernandez, although Chelsea - under new manager Xabi Alonso - would also be content to keep the midfielder, who contributed 15 goals and seven assists last season. He is under contract until 2032.

Real Madrid announce £51.8m deal for Chelsea's Cucurella

Man City and Chelsea remain in talks over Maresca

The exit of Cucurella from Chelsea is a curious one.

Only last season, the Spain international agreed improved financial terms without extending his contract, a deal that was never formally announced by the club.

After winning the European Championship with Spain, along with the Conference League and Club World Cup at Chelsea, Cucurella appeared to be an integral part of the side under former manager Enzo Maresca.

However, his form dipped under Maresca's mid-season replacement, Liam Rosenior, and - amid a run of poor results - Cucurella criticised the managerial uncertainty and the running of the club more broadly.

Unlike Fernandez, who made similar comments in March, Cucurella was not formally punished.

Yet, despite saying in recent days that he had spoken to incoming boss Xabi Alonso and liked the idea of playing under him, he has opted to leave for Madrid.

Cucurella was quoted by Marca last week as saying: "Yes, I'm attracted to Xabi Alonso's project. I've spoken with him and he inspired a lot of confidence in me. I've also spoken with Grimaldo and Borja, who have worked with him, and they spoke very highly of him. The project seems very interesting."

For Chelsea, the deal makes financial sense. They finished 10th in the Premier League last season, will lose substantial revenue by missing out on European competition, do not currently have a long-term front-of-shirt sponsor, and remain under scrutiny from Uefa under a settlement agreement after breaching squad cost rules.

Although the club insist they do not need to sell players and will remain compliant, the sale of Cucurella improves their financial position. While it represents a small loss on the £60m paid to sign him from Brighton in 2022, due to transfer fees being amortised over the length of his contract, it equates to a profit of around £17.5m in accounting terms.

In addition, Chelsea will have fewer matches next season. With Cucurella turning 28 next month and having three years remaining on his contract, this may have represented the final opportunity to maximise a fee for a player keen to move.

Cucurella was, however, one of Chelsea's most consistent performers over the last two seasons and his departure will reduce the average age of a squad already the youngest in the Premier League.

Jorrel Hato joined Chelsea from Ajax for £37m last summer

There is also the emergence of Dutch defender Jorrel Hato, signed from Ajax last summer, who was one of the few positives in the final months of the season under Rosenior and then caretaker boss Calum McFarlane.

It will be interesting, therefore, to see whether Chelsea re-enter the market for a left-back, having already been targeting centre-backs, central midfielders and a versatile attacker.

Although Chelsea have not formally confirmed a deal, they are expected to sign Argentine Valentin Barco from partner club Strasbourg this summer. Primarily a midfielder, he played for his former clubs Brighton and Boca Junior at left-back.