Alonso dropping Fernández has worked -- so far. Can Chelsea afford to let him go?

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LONDON -- As Moisés Caicedo limped out of Chelsea's 4-3 win against Brighton & Hove Albion after just 14 minutes on the pitch, it perfectly illustrated the gamble that the club are about to take by allowing Enzo Fernández to leave Stamford Bridge for Manchester City

Despite enduring a year of turmoil last season under two managers -- Enzo Maresca and Liam Rosenior -- and missing out on European qualification, Chelsea's summer rebuild under new manager Xabi Alonso has transformed them into genuine Premier League title challengers.

They will travel to defending champions Arsenal next Sunday having won both of their league games so far this season, scoring seven goals in those victories over Fulham and Brighton. There is optimism returning to the Blues that a first sustained title push since for a decade could be on the cards.

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But Caicedo's second-half injury after entering the game as a 68th-minute replacement for Pedro Neto should act as a reminder to Alonso and the Chelsea hierarchy that offloading Fernández might be lucrative but also reckless. Because, with just two days to go before the transfer window shuts at 11 p.m. BST / 6 p.m. ET, Chelsea don't have the depth to prosper without Fernández, never mind with Caicedo missing too.

Fernández, a then-Premier League record signing when he moved to Chelsea from Benfica for £105 million in January 2023, has made it clear for months that he wants to leave Stamford Bridge. His absence from the matchday squad for the second successive game suggests that he has already played his last game for the club.

City are waiting to trigger a £120 million move for Fernández and Chelsea are monitoring AFC Bournemouth's Alex Scott and Monaco's Lamine Camara as potential replacements. But the clock is ticking on all of those possible deals.

Scott is a proven Premier League performer, but Bournemouth coach Marco Rose said last week that he will not be leaving the Vitalty Stadium in this window. Camara is a highly-rated youngster, but the 22-year-old would be a gamble as a replacement for Fernández.

So Chelsea have a problem, especially as Caicedo's injury concern has now raised the prospect of Alonso having to take his team to the Emirates without the bedrock of Chelsea's midfield for the last two seasons.

After the win over Brighton, however, Alonso gave little away as to what will happen with Fernández, beyond insisting that Chelsea have a plan for all eventualities.

"We will see. We want the best for team," Alonso said when asked about Fernández's future at the club. "If anything that will happen or develop, we are not sure.

"We are preparing for all the scenarios, but I know that from Wednesday, we have a team to challenge and I want to win."

The former Real Madrid coach appeared unconcerned about the extent of Caicedo's injury, but equally could not rule out that it could be a problem.

"Hopefully not a new injury and not more than last time [recent injury]," Alonso said. "He [Caicedo] was cautious to stop and he said that his feeling was not the best, but we need to assess this week."

Unless Caicedo's injury is serious enough to sideline him for weeks -- the Ecuador international was able to walk off the pitch -- it is unlikely to be enough to force Chelsea to rule out a move for Fernández. But without the Argentina international, Chelsea lack a world-class midfielder and it showed against Brighton. Alonso's team having just 25.6% of possession during the game -- the lowest the club have ever recorded in a Premier League match.

The coach defended his side against that statistic, pointing to his players needing to "adapt" after going 3-0 up early in the first half. But having so little of the ball in a home game will be a concern for any team with hopes of winning the title. And with Arsenal so strong in the centre of pitch -- adding Bruno Guimarães to Declan Rice, Martín Zubimendi and Martin Ødegaard this summer -- allowing themselves to be weakened by cashing in on Fernández seems short-sighted on Chelsea's part, especially with him likely to be moving to a direct rival.

Money talks, however, and Chelsea stand to make a healthy profit on Fernández if they let him leave. It would also take away a player who does not want to be part of the Alonso era, so one less issue for the new manager to deal with.

Yet without him, Chelsea will not challenge for the title. Romeo Lavia, who scored the opening goal against Brighton, is talented, but injury-prone and Malo Gusto showed while playing out of position in midfield that he isn't the answer.

As a world-class midfielder during his illustrious playing days, Alonso knows better than most that games are won and controlled in midfield. Yet he is prepared to diminish his options by letting Fernández leave.

It is a big call, one being made for financial reasons and for the mood of the squad, but from a football perspective it makes little sense. That could be hammered home against Arsenal next week if both Fernández and Caicedo are missing from the Chelsea teamsheet.