Chelsea have given clubs interested in Enzo Fernandez until 17:00 BST on Friday to submit offers of at least £120 million for the midfielder.
The deadline is intended to end months of uncertainty surrounding the Argentina international before the new Premier League season begins.
Chelsea are expected to stand firm on their valuation despite paying Benfica £107 million for Fernandez in 2023.
The club believes it has given the 25-year-old and potential buyers about 60 days to complete a deal at what it considers a fair price.
Fernandez’s future at Stamford Bridge became uncertain in March after he raised the possibility of joining Real Madrid.
His agent, Javier Pastore, subsequently claimed that the midfielder was underpaid and wanted to leave following a difficult season for Chelsea.
The Blues finished 10th in the Premier League and ended the campaign without a trophy after losing the FA Cup final to Manchester City.
Real Madrid have since indicated that they will not pursue Fernandez, leaving Manchester City as the only known potential destination.
City have not indicated whether they are prepared to meet Chelsea’s £120 million valuation and are also considering Lille midfielder Ayoub Bouaddi.
New Chelsea manager Xabi Alonso has spoken with Fernandez about his future but declined to disclose details of their conversation.
Chelsea have made it clear that Fernandez will be fully reintegrated into the squad if no acceptable offer arrives before the deadline.
The club continues to regard him as an important player despite the uncertainty surrounding his future.
Fernandez scored 15 goals and provided seven assists in 54 appearances for Chelsea last season.
He later helped Argentina reach the World Cup final, where they lost 1-0 to Spain after he was sent off.
Fernandez returned to Chelsea training this week for the first time under Alonso, with his immediate future expected to be decided by Friday.
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