The 21-year-old defensive midfielder, currently representing Argentina in the Paris Olympics, has emerged as a target for the Gunners, who are keen to strengthen their midfield options.

However, Arsenal's pursuit of Fernandez faces a significant hurdle in the form of a lucrative offer from Saudi Arabian club Al Qadisiya. The Saudi side has reportedly tabled a bid of $17.5 million (PS13.55m/EUR16.10m), surpassing Fernandez's release clause while also offering Boca Juniors a 10% sell-on fee.

Fernandez's potential departure would be a significant blow for Boca Juniors, who are already facing the prospect of losing several key players this summer. However, the club may be tempted to accept Al Qadisiya's offer, given the financial windfall it would provide. That being said, it is certainly not an amount that would scare Arsenal from matching.

Arsenal were also linked with a move for Fernandez during the January transfer window when it was claimed both the Gunners and Brighton were interested in the young Argentine, who graduated from Boca's academy and made his first-team debut in 2021.

At the time it was claimed that Boca "understand that Fernandez's long-term future likely lies in Europe, but they are determined to hold onto him for as long as possible. The club hopes to capitalise on his inevitable departure by securing a "large amount of money" when the time comes."