Nico Paz (21) has informed Real Madrid that he wants to remain at Como 1907 for a further season, reversing an earlier plan to return to the Spanish club this summer, according to Diario AS. The Argentine midfielder has communicated the decision directly to Los Blancos’ leadership, with Cesc Fábregas’s side set to compete in next season’s Champions League.
This marks a significant shift from what had been widely reported as a near-certain return. Earlier this year, AS and Fabrizio Romano had both framed the activation of Madrid’s €9m buy-back option for the 2026–27 season as essentially agreed, with personal terms reportedly in place. Real Madrid’s broader summer planning has since been upended by presidential elections and the arrival of José Mourinho, and both factors appear to have changed the calculus for Paz and his camp.
Paz communicates preference as Mourinho era begins at Real Madrid
According to AS, the conversation between Paz and Madrid’s leadership had initially pointed toward a 2026 return before the upheaval of recent weeks. Mourinho, who could not guarantee the midfielder regular minutes within his project, effectively closed the door on the kind of central role Paz is seeking. With Como now confirmed in the Champions League, the Italian club offers a credible stage for continued development and consistent playing time – the two non-negotiables the player’s camp had flagged throughout.
Como president Dennis Wise had previously made clear that Madrid retain the right to recall Paz at any point, but stressed the player’s own preference would be central. That preference is now stated. Paz’s contract with the Serie A side runs until 2028, giving Como structural security regardless of how Madrid’s options play out.
What this means for Real Madrid’s options on Paz
Los Blancos hold three distinct buy-back windows: €8m in 2025 – now passed – €9m in 2026, and €10m in 2027, the last of which remains live until 30 June 2027. The 2026 window deadline of 30 June has effectively been allowed to lapse following Paz’s communication, leaving the €10m option as Madrid’s final mechanism for a unilateral recall. Beyond that, any third-party club wishing to sign Paz would require Madrid’s approval and trigger a 50% sell-on payment to Los Blancos. AS report that no external transfer is being considered at Valdebebas at this stage. The situation is not entirely unlike Julián Álvarez communicating his own preference to Atlético Madrid – a player’s stated intentions reshaping a club’s summer plans mid-window.
What next for Nico Paz?
The next meaningful decision point arrives around June 2027, when Madrid’s €10m buy-back option expires. Paz’s performances for Como in Serie A and the Champions League – alongside any appearances for Argentina heading into the post-World Cup cycle – will determine whether Los Blancos choose to exercise that final clause or allow his registration to remain in Italian hands beyond that date.
