The defender was in Real Madrid's youth system between 2017 and 2020 before moving to Man United, but he failed to make a first-team appearance for the 20-time English champions and ultimately joined Benfica over the summer after representing the Portuguese outfit on loan in the second half of last season.
Fernandez has impressed for Benfica this season, making nine appearances in all competitions, including two outings in the Champions League, and his form has allegedly not gone unnoticed.
According to O JOGO, Real Madrid and Barca are both keeping a close eye on the left-back, while Man United are believed to be interested in re-signing him next year.
The Red Devils included a buy-back clause in the deal that took Fernandez to Benfica over the summer, and the English giants could allegedly activate it to win the race for his signature in 2025.
Man United, Real Madrid, Barcelona 'all interested in Fernandez'
Fernandez enjoyed a successful 2022-23 campaign on loan at Preston North End, and he had been tipped to be a part of Man United's first-team squad during the 2023-24 campaign, but he instead joined Granada on loan.
The Spain Under-21s international found it difficult to make his mark at Granada and was ultimately sent on loan to Benfica for the second half of last season, making 16 appearances in all competitions.
Fernandez has cemented his spot as a starter this term, though, and his form has allegedly brought him to the attention of a number of major European clubs, including Man United, Real Madrid and Barcelona.
Man United again have left-back problems this season, with the club not bringing in a left-sided defender during the summer transfer window despite struggling in that area in 2023-24.
Man United again have serious issues at left-back
Tyrell Malacia has not played since the 2022-23 campaign due to a serious knee injury, while Luke Shaw has not featured at all this term due to a calf problem.
Diogo Dalot has been operating at left-back early this season, but there could be another change after the international break, as Noussair Mazraoui has undergone a minor heart procedure.
As a result, Dalot may be moved across to right-back, with Victor Lindelof or Lisandro Martinez playing at left-back, but it is also possible that Lindelof will come in at right-back against Brentford after the international break, leaving Matthijs de Ligt and Martinez in the middle and Dalot again as the left-back despite struggling in that area this term.
Man United are believed to be weighing up a move for Chelsea's Ben Chilwell during the January market, but a return for Fernandez would certainly be the best long-term option for the English giants.