Agent Andy Miller told several media outlets that Fernandez wants to play in Europe and is willing to sit out for the next two seasons, the time left on his contract with the Blazers.
Blazers general manager Rich Cho says the team has looked at several possible deals involving the Spaniard, but none of them has made sense for Portland.
Fernandez, a fan favorite, has been unhappy about his playing time. Known for his 3-point shot and energy off the bench, he averaged 8.1 points, 2.6 rebounds and two assists last season but missed 20 games with injuries.
Miller could not immediately be reached by The Associated Press.