Chelsea owner Todd Boehly is ready to splash the cash (Picture: Getty)

Liverpool legend Steve Nicol has accused Chelsea of making a huge transfer mistake as they prepare to spend more than £100m on World Cup winner Enzo Fernandez.

Chelsea remain in talks with Benfica about signing Argentina star Fernandez, who lifted the World Cup in Qatar last month.

Fernandez, 21, has a release clause of around £106m and Chelsea are reportedly happy to meet the fee to bring him to Stamford Bridge in January.

Todd Boehly spent more than £250m on new signings last summer but is ready to oversee another spending spree this month as he looks to turn Chelsea into domestic and European contenders.

But former Liverpool defender Nicol has been left baffled by Chelsea’s move for Fernandez and says the proposed deal is ‘crazy’.

He told ESPN: ‘Am I the only person that’s thinking, “what’s wrong with Chelsea?”

‘You are going to spend £120m on Enzo Fernandez? Am I the only person thinking that? £120 million?!

The Blues are closing in on a deal for Enzo Fernandez (Picture: Getty)

‘He’s a hot property? Cody Gakpo is a hot property, he scores goals and Liverpool got him for £37m.

‘I am sorry, Enzo Fernandez had a great World Cup and he’s a good player. But £120 million? When your problems and struggles are going forward – I think they have everything upside down at Chelsea.

‘You are going to waste £120m. Their problems are going forward and Fernandez is going to do nothing for you going forward. Am I the only one that thinks £120m is crazy for this guy?!’

Nicol’s sentiment was echoed by former Manchester United and England defender Gary Neville on Tuesday.

Reacting to Chelsea’s pursuit of Fernandez, Neville said: ‘Are Chelsea paying €127m for Enzo Fernandez? That’s one hell of a price. A very good player but bloody hell!’

Chelsea’s form fell away before the World Cup and Graham Potter’s side dropped more points against Nottingham Forest last time out to slip 10 points outside the Champions League places.

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‘I think they have everything upside down at Chelsea!’