An announcement on Benfica's website says that the 20 year-old signed an extension to his current contract that will keep him with the Portuguese giants until 2011. That would seem to suggest that they want to keep the international midfielder and that the Blues will have to find an rumoured £12m if they want to sign him permanently in the summer.
Nothing new there, except that Benfica's decision to extend his current deal for another four years is either an expression of their desire to retain him over the long term or a means of ensuring that they can name their price in the summer should David Moyes come knocking for a permanent transfer.
The loan deal provides David Moyes with another midfield option and gives Everton a chance to run the rule over the player before deciding whether he is worth such an enormous outlay — it is assumed that Benfica still only own 50% of Fernandes' registrations, the other half being held by Kia Joorabchian's Media Sports Investments group.