The Stamford Bridge club failed in their pursuit of the 22-year-old World Cup winner earlier in the January window.

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Benfica have been strong in their stance, demanding the Premier League side meet the £106million release clause if they want Fernandez.

However, according to TyC Sports, Chelsea have drawn up two different offers in an attempt to convince the Portuguese giants to sell.

The first suggestion would see the Blues offer £88m up front with Benfica then getting to choose a player to receive as part of the deal, subject to approval from West London.

The other offer would see Chelsea agree to pay the full £106m – but only in a series of instalments.

The report adds that Fernandez will not force through a transfer and Benfica are still determined to hold out for the full £106m.

The Athletic add that superagent Jorge Mendes is continuing to negotiate between the two clubs and has moved the discussions forward in recent days.

Chelsea are aware plenty of clubs are likely to go in for Fernandez in the summer so want to pip their rivals to the Argentine holding midfielder.

But should Todd Boehly manage to get a deal done before tomorrow’s transfer deadline, that would take his spending beyond £300m including add-ons and loan fees.

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Graham Potter has added Benoit Badiashile, David Datro Fofana, Andrey Santos, Mykhailo Mudryk, Noni Madueke, Malo Gusto and Joao Felix in a simply bonkers month of transfer activity.

However, Gusto returned to Lyon on loan for the remainder of the campaign.

And Potter’s hopes of securing Felix beyond the summer could be dented by Barcelona reportedly opening talks over the Portuguese attacker.