It has already been a busy summer for the Irons, with Ryan Fredericks, Issa Diop and Lukasz Fabianski all arriving to strengthen the spine of the side.
Pellegrini is, unsurprisingly, far from done it seems, as The Sun on Sunday (01/07; page 60) reports that he has given the green light for the Hammers to make an £18 million offer for the 23-year-old with the Chilean well aware that other clubs are also keeping a keen eye on the midfielder this summer.
It remains to be seen how Sporting respond to West Ham's bid, but it is fair to say that if Pellegrini can get him through the London Stadium door, it would arguably be a superb piece of business from the Irons.
Fernandes scored 11 goals and provided eight assists in the Portuguese top flight last term, and also contributed three goals and three assists in six Europa League fixtures. His form earned him a spot in Portugal's World Cup squad and he started their opening game against Spain.
With Manuel Lanzini out with a long-term injury, Pellegrini is making a wise move targeting a creative midfielder who looks particularly dangerous when used in an advanced role. And if West Ham can get something done, it would arguably be their most exciting deal yet this summer.