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Nico Paz's stunning form at Como this season has predictably fueled speculation about a possible return to Real Madrid, but Como sporting director Carlalberto Ludi moved to calm the Italian club's fans, insisting that Paz is "100% a Como player."
The Argentine midfielder has established himself as one of the standout performers in European football since the season kicked off. Real Madrid had the opportunity to reclaim their academy product last summer for a cut-price €9 million ($10 million), but a revised agreement was reached instead, with Como shelling out €60 million ($67 million) to retain Paz in Lombardy.
While Paz remains a Como player, Real Madrid secured a fresh buy-back clause in the updated deal worth €80 million ($90 million), exercisable next summer. Ludi is fully aware of this, and while he stopped short of guaranteeing Paz's presence beyond this season, he emphasized that Como holds a favorable position.
"I put myself in the shoes of Como's supporters," Ludi told Radio Radio. "Because every November and every March—whether due to media speculation or for other reasons—it always comes up that Real Madrid are taking all their players back home."
"The truth is that we struck a solid deal last summer," Ludi went on. "Nico Paz is 100% a Como player. Real Madrid retained a buy-back option by a specific date during the transfer window, as is standard practice. It would be a transfer that would validate our work and carry real significance for the club.
"We'll work out how to handle the situation as the season progresses, as we've always done in recent years, partly thanks to the excellent relationship we share with Madrid. For now, we need to enjoy watching this player, because he truly is a remarkable talent."
Nico Paz Rejected Real Madrid Return Last Summer
Ultimately, though, Paz will have the final word on his future when next summer arrives. Real Madrid hold the cards thanks to the buy-back clause—exclusively valid for the summer of 2027—but the Argentine has already turned down a return to the Bernabéu.
Real Madrid were keen to bring Paz back ahead of the 2026–27 campaign, but it was the attacking midfielder himself who pushed to prolong his time at Como for at least one more season.
According to Fabrizio Romano, Paz spoke personally with Real Madrid manager José Mourinho and expressed his wish to remain at Como so he could continue growing by playing regularly—something that couldn't be guaranteed at the Bernabéu.
Paz has delivered on that front. The 22-year-old has contributed three goals and three assists across nine Serie A appearances, along with an impressive three goals and five assists in four Champions League outings. In Como's debut Champions League campaign, Paz has been the standout performer, with his eight goal contributions leading all players in the competition to date.
Does Real Madrid Really Need Nico Paz?
It's not hard to understand why Madrid pursued Paz last summer and why they'll likely attempt to bring him back next year. The Argentine is among the most thrilling young talents on the planet and possesses everything needed to rank among the world's elite for the next decade. But is he truly a necessity?
A key factor behind Paz's decision to reject a return to the Spanish capital last summer was the lack of a clear path to regular playing time. As a natural No. 10, Paz would be vying with Jude Bellingham—arguably the finest attacking midfielder in the world right now—for a starting berth.
Los Blancos also have Arda Güler in their squad, who is similarly developing into a top-level talent. Although the Turkish playmaker can operate in multiple positions, he gravitates toward a central role whenever possible.
At Como, Paz is the main man, the centerpiece of Cesc Fàbregas's attacking setup. At Madrid, he would simply be another high-profile addition to an already loaded attack. Signing a star attacking midfielder isn't a pressing need for Los Blancos, but that's not quite how the club tends to operate.
Florentino Pérez has a well-documented habit of pursuing elite players regardless of positional necessity. Just last summer, rather than targeting a central midfielder, Los Blancos shattered their transfer record to sign 19-year-old left winger Yan Diomande, despite already boasting Vinícius Júnior and Kylian Mbappé in their ranks.
Madrid will almost certainly explore the possibility of bringing Paz back, and only time will reveal whether it comes to fruition. Other top European clubs are predictably monitoring the situation too, but Los Blancos hold a considerable advantage in the race for Paz.