Como, Italy – Nico Paz is enjoying a breakout season with Como, quickly becoming a key figure in the Serie A side. However, the 21-year-vintage’s impressive form has sparked renewed interest from his former club, Real Madrid, who hold a buyback clause in his contract. The question now is whether Paz will return to the Spanish capital, or continue his development in Italy, where he appears to be thriving.
Paz joined Como from Real Madrid in the summer of 2024 for a reported €6 million, signing a contract that runs through 2028. Crucially, Real Madrid retained the option to repurchase the attacking midfielder for €9 million in both 2026 and 2027 – a clause that now looks like a shrewd piece of business given his current market value. According to Transfermarkt, Paz’s value has surged to an estimated €65 million.
The Argentine playmaker has been instrumental for Como this season, contributing nine goals and six assists in 27 Serie A appearances as of mid-March 2026. This output surpasses his previous goal and assist totals, solidifying his status as a vital player for the club. Como currently harbor ambitions of securing a Champions League spot, and Paz’s continued presence is central to those aspirations.
However, the allure of a return to Real Madrid is undeniable. The club is reportedly considering activating the buyback clause this summer, but Paz himself is said to be weighing his options carefully. Reports suggest he is content at Como and is hesitant about potentially limited playing time back in Madrid.
The central concern for Paz revolves around his role within the Real Madrid squad. The Spanish giants boast a wealth of midfield talent, and it’s unclear whether Paz would immediately slot into the starting lineup. The uncertainty surrounding the club’s next manager also adds to the complexity of the decision. Will a new coach prioritize Paz, or will he find himself as a squad player?
Adding another layer to the situation is a potential financial benefit for Real Madrid. Should Como decide to sell Paz to another club before his contract expires in 2028, Madrid would be entitled to 50% of the transfer fee. This provides a further incentive for the Spanish club to monitor Paz’s progress closely.
Paz’s journey to this point has been marked by steady development. He progressed through the youth ranks at CD San Juan and Tenerife before joining Real Madrid’s La Fábrica academy in 2016. Initially deployed as a central defender, he transitioned through various positions – centre forward and winger – before settling into his current role as an attacking midfielder. He made his senior debut for Real Madrid Castilla in January 2022 and later appeared in a Champions League match for the first team in November 2023.
His move to Como allowed him to secure regular first-team football, a crucial step in his career progression. Under the guidance of coach Cesc Fàbregas, Paz has flourished, demonstrating his creativity, technical ability, and goal-scoring prowess. He recently dined with Inter Milan vice-president Javier Zanetti and club legend Diego Milito, sparking rumors of potential interest from the Nerazzurri, though those appear to be secondary to Real Madrid’s existing buyback option.
The situation is further complicated by Paz’s apparent fondness for his current surroundings. He seems to have embraced life in Italy and is enjoying the challenge of playing in Serie A. The prospect of competing for a Champions League berth with Como is a significant draw, and he may be reluctant to jeopardize that opportunity by returning to a club where his playing time is not guaranteed.
For Como, the situation presents a difficult dilemma. While they value Paz immensely and would prefer to retain his services, they are ultimately bound by the buyback clause in his contract. If Real Madrid activates the clause, Como will be obligated to sell, despite their desire to preserve him.
The coming months will be crucial as Paz weighs his options and Real Madrid assesses its squad needs. The decision will have significant implications for both clubs and for the young Argentine’s career trajectory. The potential for a high-profile transfer saga is certainly brewing, and all eyes will be on how this situation unfolds.
Nico Paz’s next match is with Como against Fiorentina on March 16, 2026, at Stadio Artemio Franchi in Florence, Italy (3:00 PM CET / 9:00 AM EDT). This match offers another opportunity for Paz to showcase his talent and potentially influence Real Madrid’s decision-making process.
What are your thoughts? Will Nico Paz return to Real Madrid, or will he continue his journey with Como? Share your predictions in the comments below.
