There have been suggestions that the 26-year-old has already agreed a pre-contract with Manchester City, which has caused major consternation in the corridors of power at Porto.
Reports claimed that Porto had threatened not to play Fernando again if he did not sign a new deal with them, but Reges, who advises his brother, says this is not the case.
Reges told Mais Futebol: "Fernando missed the last games because he was injured, but it's nothing serious and he will be back soon. I believe he will be able to play on Sunday [against Paços Ferreira].
"Manager Paulo Fonseca considers him indispensable, it's been a difficult season and the manager doesn't want to give up being helped by Fernando."
But he insisted that Fernando would be leaving the Estadio do Dragao, and added: "This is Fernando's last season at FC Porto, it has been decided already.
"Fernando has his goals and he wants to play in a bigger league. Porto are a big club but they are a level below Real Madrid, Barcelona and Manchester United, for example."
Fernando's agent Antonio Araujo spoke to the Italian media about his client and claimed that there was interest from the Premier League.
"A few English clubs have contacted me," he said.
However, Aruajo refused to rule out the prospect of Fernando signing a new contract.
"We're in talks with the club about an extension, and no option can be ruled out. The situation will be more clear within the next days."