City will take a view on whether to make an attempt to sign him before Deadline Day, after opting not to make an offer before last week's cut-off point set by Chelsea.
Fernandez can no longer automatically leave Stamford Bridge for the £120m terms agreed with his representatives in May.
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The deadline for that passed at 5pm on Friday - but the transfer window is still open until Tuesday September 1.
Fernandez came on to boos from sections of the Chelsea crowd in the 3-1 friendly win over Real Sociedad on Saturday.
The Argentina World Cup finalist was suspended for two matches towards the end of last season after casting doubt over his future while on international duty.
That was amid reports of interest from Real Madrid, who subsequently ruled out a move for him in early July via an official club statement.
Man City remain in Bouaddi talks
Meanwhile, City remain in talks with Lille over a deal for Morocco international midfielder Ayyoub Bouaddi as they pursue replacements for Rodri and Tijjani Reijnders.
Lille are understood to be looking for around £85m to sell Bouaddi and talks between the clubs were confirmed by their head coach Davide Ancelotti at the weekend.
Reijnders is set to join Saudi Arabian side Al Qadsiah for around £51m.
