Having welcomes Joao Felix from Chelsea this week, Al-Nassr now are targeting his Portugal teammate Fernandes.
Fernandes resisted a £200m move to Al-Hilal at the end of last season and now Saudi Pro League rivals Al-Nassr are ready to chance their aim with the backing of Portugal Cristiano Ronaldo.
A Bola says Al-Nassr's move also has the approval of new coach Jorge Jesus, who worked with Fernandes at Sporting CP.
Discussing Al-Hilal's attempt, Fernandes said earlier this summer: "It would have been an easy move. I had Ruben Neves and Joao Cancelo there (at Al-Hilal), two people I have a great friendship with.
"But I want to stay at the highest level, play in big competitions, because I still feel capable.
"There was an opportunity. The president called me and asked if I wanted to go there. They were waiting for me.
"I spoke to coach Amorim and he asked me not to go. Manchester United didn't want to sell me. They don't need the money. If I had wanted to leave, they would have made it happen."