Chelsea closing in on blockbuster €127m deal for Enzo Fernandez as talks with Benfica progress

• Chelsea close to sealing deal
• Blues will spend €127m
• And pay in three instalments

WHAT'S HAPPENING? Chelsea are in advanced talks with Benfica over a move for Enzo Fernandez and are willing to pay €127 million (£112m/$135m) for the Argentina international, according to Gianluca Di Marzio. The Blues are set to pay for Fernandez in three instalments of around €40m and only "final details" now need to be agreed between the two sides. Benfica aim to replace Fernandez by bringing in Racing Club's Carlos Alcaraz.

THE BIGGER PICTURE: Fernandez has already agreed to move to Chelsea, and it's now just left for the two clubs to complete the deal. Benfica have denied that president Rui Costa had said Fernandez can leave if his €120m release clause is met but may not be able to turn down Chelsea's offer, particularly as the midfielder has missed two training sessions after returning to Argentina over New Year's Eve.

STORY IN TWO PHOTOS:

WHAT NEXT FOR CHELSEA? The Blues are back in Premier League action on Thursday against Manchester City at Stamford Bridge.