Nico Paz is impressing with Como in Serie A.
Since joining the Italian club from Real Madrid in August 2024 his stock has risen sharply — and the 21-year-old attracted interest from Tottenham Hotspur this summer.
However, the Argentina international looks to have a Madrid return on his mind. The Spanish club considered activating a buyback clause for him this summer — and they retain further options on him for 2026 and 2027.
What’s the latest? Allow The Athletic to explain.
Is Paz expected to move to Real Madrid?
Paz’s impressive first season in Italy over 2024-25 (he scored six goals and provided nine assists in 35 games) meant Madrid’s board seriously considered bringing him back this summer.
He had spent the previous season mostly with Real Madrid’s reserve side in the third tier of Spanish football, also playing 128 minutes across eight appearances for the seniors, scoring an important goal in the Champions League.
He quickly stepped up in Serie A and, in June, Madrid could have re-signed him for €8million (£7m, $9.3m). There was so much speculation about Paz’s return that the move was widely considered a given in Spanish media. However, this was not the case for two reasons: Paz only wanted to come back if it was to take up an important role, and the approval of the new coach Xabi Alonso was still needed.
Some Nico Paz magic gave Como the opener in #ComoGenoa ✨ pic.twitter.com/6lwfjfXlev
— Lega Serie A (@SerieA_EN) September 16, 2025
Alonso values Paz’s qualities, but he felt that it was not the right time for the move, and reinforcements in other areas were prioritised. As the window developed and Madrid signed Trent Alexander-Arnold, Dean Huijsen, Alvaro Carreras and Franco Mastantuono, any further signing was contingent on someone leaving during the summer, and this did not happen.
Paz, meanwhile, has always felt very comfortable at Como, where he has developed well and should continue to do so this season, with the aim of representing Argentina at the World Cup next summer. He has been in all of national team manager Lionel Scaloni’s squads since October 2024.
Nevertheless, Paz’s goal is to return to Madrid. That is why he ignored interest shown by several other suitors in the summer, including Tottenham and Inter. Madrid, Como and Paz’s agents kept each other informed of every move and did not entertain these options. Instead, they discussed reviewing and updating Madrid’s buy-back terms.
Madrid have also been looking at other midfielders. The Athletic previously reported that Crystal Palace’s Adam Wharton and Kees Smit of Dutch club AZ have been discussed at the club.
However, they have by no means forgotten about Paz and are continuing to monitor his progress very closely. There is a strong chance that they will bring him back next summer.
Mario Cortegana
What options do Real Madrid have?
Madrid can buy Nico back next summer for around €9million. Why such a low figure when his market value is much higher?
When Madrid sold Paz to Como for around €6million in August 2024, they inserted several clauses and buyback options into the deal — following a now well-established policy at the Spanish club.
Few Madrid youth academy graduates tend to move directly up to the first team at the Bernabeu (centre-back Raul Asencio and striker Gonzalo Garca have done so in recent seasons because of injuries or lack of options in their position). As a result, many are sold on to other clubs, where they will play more, and their progress is monitored closely.
Those who end up returning to Madrid do so via the so-called ‘Via Carvajal’ (the Carvajal route), referring to how Dani Carvajal was sold to Bayer Leverkusen for around €5million in 2012, before returning the following year, after a brilliant campaign in the Bundesliga, for €6.5m.
Madrid ordinarily include buyback clauses in deals for their youth academy prospects, as well as sell-on clauses if they end up being transferred again. They also ask to be notified of bids from other clubs, and for the right of first refusal — giving them the chance to match offers from rivals.
Madrid have that right of first refusal for Paz. They would also be entitled to 50 per cent of any sale and included several buyback clauses in his August 2024 transfer to Como. Last summer, they could have signed him for €8million. That figure increases by €1m for the summer of 2026, and by €1m again for the summer of 2027 — with some potential add-ons also included in each scenario.
However, these clauses may yet be renegotiated, in recognition of Paz’s rising market value.
Mario Cortegana
What’s the Como view?
Como have struck up a great relationship with Madrid. They have proved themselves a credible destination for the development of Madrid’s finest young talent, a finishing school by the lake.
Manager Cesc Fabregas’ work in pushing Paz to fulfil his potential meant Madrid were more than happy to sell them another young prospect, 20-year-old centre-back Jacobo Ramon, for €2.5million in July.
Como informed Madrid of a huge bid for Paz in the summer from the Premier League. It was agreed they would turn it down and re-negotiate the buy-back clause included in the terms of the initial deal, out of recognition of his growing value.
Fabregas was permanently appointed Como coach in July 2024 (Nicolo Campo/LightRocket via Getty Images)
Paz, who has already been capped by Argentina six times, would one day like to play for Madrid. For now, Como aren’t looking too far ahead in the future.
“It’s normal that I can’t comment until something is finalised,” Como sporting director Carl Alberto Ludi said at a press conference in October. “Nico grew up at Real. He’s an extraordinary talent developing in one of Europe’s biggest leagues. Real can exercise their right to buy him back.
“He plays in a position where there are many Madrid players. Everyone is talking about (his future) and maybe it’s also Nico’s legitimate desire as a kid who came through at Real and grew up in that environment. I can’t speak for him but I can imagine that’s the case. He is very happy here too.”
If Madrid can’t find space for him next season either, perhaps, in the event Como qualify for Europe, playing a third season at the Stadio Giuseppe Sinigaglia would also have some appeal.
James Horncastle
How good has Paz been in Serie A?
Paz was named the best young player in Serie A in his first season. It was no one-off. The Tenerife-born Argentine has gone from strength to strength since. He contributed eight goal involvements in his first seven appearances of the current campaign and has won four player of the match awards. Only Napoli’s box-crashing midfielder Frank Anguissa has collected more.
Nico Paz doing special things… again 🤩#ComoJuve pic.twitter.com/QbJvQ03hm6
— Lega Serie A (@SerieA_EN) October 20, 2025
Paz’s sublime skills, the deftness and coordination of his turns, and the spectacular nature of some of his goals have made him an absolute joy to watch. Perhaps only his compatriot Paulo Dybala at Roma and Juventus’ Kenan Yildiz get people off their seats in the same way. Fabregas tried to stay grounded about Paz last season. He now can’t help but doff his cap.
After a 2-1 win against Juventus on October 19, attended by the 38-year-old manager’s mentor Arsene Wenger, he told DAZN: “I want to thank him (Wenger) again for believing in me like I believe in Paz. I have great faith in him for the future because I feel like I know when a player has the mentality to be a top player, and if he carries on like this, the sky is the limit.”
James Horncastle