Interested parties must submit proposals worth at least 120 million pounds by 17:00 BST, with the Blues expected to remain firm on their valuation. The club regard that figure as a fair price for the 25-year-old, who joined from Benfica for 107m pounds in 2023.
Fernandez's position at Stamford Bridge has been unclear since March, when he first indicated he could consider a move to Real Madrid. His agent, Javier Pastore, subsequently claimed publicly that his client was underpaid and wanted to depart after a disappointing campaign for Chelsea.
The London club finished 10th in the Premier League, went without silverware and were beaten by Manchester City in the FA Cup final.
Real Madrid have since made clear they have "no intention" of pursuing Fernandez, leaving City as the only other known potential destination.
However, it remains uncertain whether Pep Guardiola's side are prepared to meet Chelsea's asking price. City are also pursuing Lille midfielder Ayoub Bouaddi.
Chelsea's deadline gives Fernandez and potential buyers roughly 60 days to resolve his future before the new season. New head coach Xabi Alonso has already discussed the midfielder's situation with him, although the Spaniard has not disclosed what was said.
Should Fernandez remain, Chelsea are ready to welcome him back as an important member of the squad. He returned to training this week, his first session under Alonso, after recording 15 goals and seven assists in 54 appearances last season.
