Manchester United also explored a move for the 21-year-old midfielder, while Paris Saint-Germain registered interest, but United declined to match Tottenham's valuation.
Fernandes' representative, Jorge Mendes, held discussions with both clubs regarding his future. United's recruitment team maintained a strict policy of only pursuing players deemed correctly priced and also harboured reservations over the midfielder's commitment to a switch to Old Trafford, ultimately stepping away from negotiations.
Tottenham had initially prioritised midfield reinforcement after seeing an 80m-pound bid for Sandro Tonali rejected by Newcastle United.
Tonali remains under contract for four more years after signing an extension following a 10-month suspension for breaching FA betting regulations.
Spurs have enjoyed an active summer transfer window, completing four arrivals already. Goalkeeper Martin Dubravka will join on a free transfer once his Burnley contract expires on 1 July.
They have also secured Marcos Senesi from AFC Bournemouth on a free, Andy Robertson from Liverpool on a free, and Jan Paul van Hecke in a 52m-pound deal from Brighton.
Fernandes has remained a long-standing target despite successive Premier League relegations, with Spurs ultimately moving decisively to secure his signature.
Manchester United are exploring the possibility of selling naming rights for their proposed new stadium to strengthen the financial foundations of the two-billion-pound Old Trafford redevelopment.
Chelsea midfielder Andrey Santos is set to join Premier League rivals Manchester United for a reported £50million fee ahead of the 2026/27 campaign.
Former Manchester United midfielder Casemiro expressed his disappointment after Brazil were knocked out of the 2026 FIFA World Cup following a 2-1 defeat to Norway in Sunday's round-of-16 clash.
Four English Premier League teams are reportedly interested in signing Bournemouth midfield sensation Alex Scott ahead of the 2026/27 campaign.
