It was noted that the west London giants were heavily interested in the 21-year-old earlier this month but could not convince Benfica into an agreement.
They were initially prepared to pay the €120m release clause in four installments but went against their word in the final meeting.
Hence, talks broke down between the clubs but it is now claimed that the Blues have re-entered negotiations to land the World Cup winner.
They are now ready to pay the buy-out figure across many installments, though it is unclear whether Benfica will consider doing business.
Benfica president Rui Costa was left angered by the Blues’ surprise change of stance last time around and is not keen on discussing again.
Barring a surprise change in his mood, it appears unlikely that Chelsea will land the highly-rated midfielder before Tuesday’s transfer deadline.
Fernandez has already agreed terms with Chelsea over a transfer.
