The Argentina star enjoyed a glorious World Cup in which he played a key role in helping the South American nation to glory in a thrilling victory over France on Sunday.
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As well as lifting the famous golden trophy, the 21-year-old was also crowned Young Player of the Tournament for his displays in Qatar, leading to speculation the Benfica starlet could be set for a move to one of Europe's biggest clubs.
Liverpool have already been linked with a move for the player, however Newcastle legend Alan Shearer has also claimed that he'd love to see the player at St James' Park in the future.
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Asked if he'd like to see Newcastle sign Fernandez, Shearer told the BBC: "Absolutely, yes. See if he wants to play against Bournemouth on Tuesday night!"
Responding to the Newcastle legend's comments, Howe hinted that a deal for the World Cup winner could be too pricey to pull off.
He said: "I'm aware of him, and I know him. But I think the transfer fee might be quite lumpy."
Asked directly about Shearer's comments, he added: "I didn't hear that, I apologise to Alan, I think I was on the other channel! That's a mistake on my part."
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Plenty of teams have fallen foul of signing players on the back of their shining displays at the World Cup, only for them to flop after joining their new club.
Howe then added his opinion on using the World Cup to target new signings, saying: "From a recruitment perspective, I don't think you ever just analyse the World Cup and sign a player off the back of those performances.
"There is a huge body of work goes into signing those players and it is never just off four weeks.
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'That's not to say we won't use the World Cup as a recruitment tool and look at players. But just solely on those games, we wouldn't do that."