The midfielder’s future is under the scanner, with Chelsea trying to snare him away from Benfica in the winter transfer window.
Chelsea are willing to pay more money than the €120m release clause but in a structured deal with favourable payment terms.
Benfica are insistent on getting the buy-out clause figure in full and it has put off at least one of his previous suitors.
According to Greek outlet Sportime, Fernandez is Liverpool’s primary midfield target and the club are keen to sign him.
They also have a good relationship with Benfica, from where they signed Darwin Nunez in the last summer transfer window.
But the Reds are in no mood to meet the €120m buy-out clause and as such it seems unlikely they can sign him.
With Benfica likely to get the figure if not more, the Portuguese giants are under no pressure to sell for a lower fee.
Manchester United are also interested in the player but it remains to be seen whether they have the funds to do such a deal.