Manchester City appear to be intensifying their pursuit of Chelsea midfielder Enzo Fernandez, with transfer expert Fabrizio Romano reporting that the Premier League champions are preparing to make a formal offer in the coming days. The move would represent a significant step forward in City’s efforts to strengthen their midfield before the summer transfer window closes.

At the same time, there has been little progress regarding Manchester City’s reported interest in Liverpool forward Cody Gakpo. Although contact has reportedly been established with the Dutch international’s representatives, there have been no major developments since those initial discussions.

The latest indications suggest that City are prioritising Fernandez before deciding whether to make a serious move for Gakpo. Their strategy appears to be focused on securing the Chelsea midfielder first, with the forward situation potentially being addressed later in the window.

Fernandez is believed to be open to the possibility of moving to the Etihad Stadium. The Argentine midfielder has established himself as a key figure at Chelsea since arriving at Stamford Bridge and remains one of the most highly valued midfielders in European football.

However, the financial side of the potential transfer could prove to be the biggest obstacle. Chelsea are understood to value Fernandez at approximately £120 million, meaning City would have to commit a huge sum if they want to convince the London club to sell.

Despite the enormous asking price, there is growing optimism that Manchester City and Chelsea could eventually find common ground. Reports have suggested that negotiations could progress significantly before the transfer deadline on September 1.

For City, signing Fernandez would provide another high-quality option in midfield and could give manager Enzo Maresca greater flexibility in how he builds his team. The Argentine’s ability to operate in possession, contribute defensively and influence attacking moves makes him an attractive target for a club looking to compete across multiple competitions.

The Fernandez deal therefore appears to be the transfer most likely to be completed first. In contrast, Gakpo’s potential departure from Liverpool remains complicated by the Reds’ own recruitment plans.

Liverpool are reportedly unwilling to allow the former PSV Eindhoven attacker to leave unless they have first secured enough attacking reinforcements. The club’s position is understandable given the importance of maintaining depth across the forward line throughout a demanding season.

Gakpo has become an increasingly versatile attacking option for Liverpool, capable of playing through the middle as well as from a wide position. Losing him without bringing in suitable replacements would leave the squad short of options, particularly with Liverpool expected to compete on several fronts.

Liverpool’s current stance is reportedly that Gakpo will not be made available until the club completes deals for at least two new wide attackers. Bradley Barcola has been identified as one potential target, while Yankuba Minteh and Ibrahim Mbaye have also been mentioned as possible options.

There is even an argument that Liverpool should consider strengthening the centre-forward position before allowing Gakpo to leave. The Dutchman’s ability to provide goals and physical presence gives the club valuable depth, particularly if injuries affect their other attacking players.

Nevertheless, there is an expectation that Liverpool could eventually approve a transfer if their minimum recruitment requirements are satisfied. Should the Reds bring in two suitable wingers, the club may become more receptive to offers for Gakpo.

For the moment, however, there appears to be little indication that a major negotiation is underway. Reports have suggested that formal club-to-club discussions between Liverpool and Manchester City have yet to begin.

That leaves City with another important question: can they realistically afford to pursue Gakpo after potentially spending a huge amount on Fernandez?

The financial implications of City’s transfer activity could be substantial. A deal for Fernandez alone could approach £120 million, while another potential signing, Ayyoub Bouaddi, would add further expense. If both transfers were completed, City could potentially spend close to £200 million on the two players.

Such expenditure would naturally raise questions about whether there is enough room in the budget for another major attacking addition.

However, Manchester City have also generated significant funds through player departures. Sales involving players such as Savinho, Rodri and Tijjani Reijnders have reportedly provided the club with additional financial flexibility, meaning a further major signing may still be possible.

From a purely financial perspective, City could therefore have the capacity to pursue Gakpo. The bigger issue may be whether Liverpool are willing to sell and what price they would demand.

Liverpool would be in a strong negotiating position because Gakpo is not considered an essential player to sell. The Dutch forward remains under contract and the club has little reason to accept a below-market offer, particularly if they are not able to replace him immediately.

The Reds are therefore likely to set a substantial asking price should City eventually make a formal approach. A useful comparison could be the reported package involved in Savinho’s potential move to Tottenham.

If Savinho were to leave Manchester City for a package worth around £85 million, Liverpool could argue that Gakpo should command at least a similar figure given his experience, versatility and proven record in the Premier League.

Such a valuation could make the transfer considerably more complicated. City would need to decide whether Gakpo is worth another major financial commitment after spending heavily elsewhere, while Liverpool would need to determine whether selling the forward would make sense for their squad.

The situation could therefore develop rapidly as the transfer deadline approaches. Manchester City appear to have made Fernandez their immediate priority, with the club preparing to move forward with a formal proposal.

Only after that situation becomes clearer is it likely that the Gakpo story will gather further momentum. If City successfully complete the Fernandez deal and still have the financial resources available, they could turn their attention towards strengthening their attack.

For Liverpool, the key factor will be recruitment. If the club manages to sign Barcola and another winger, their position on Gakpo could change considerably. Without those additions, however, it would be difficult to imagine the Reds allowing an important attacking player to leave.

Ultimately, Manchester City’s interest in Gakpo remains one to watch, but the Fernandez pursuit currently appears to be the priority. With the transfer deadline approaching, City have limited time to complete their plans, while Liverpool must balance the possibility of a lucrative sale against the need to maintain a competitive squad.

The next few days could therefore determine whether Gakpo remains at Anfield or becomes one of the biggest names to move before the transfer window closes. For now, though, all signs point towards Fernandez being the deal Manchester City are determined to get over the line first.