Arsenal prepare swoop for Serie A sensation Nico Paz as Real Madrid retain ultimate power over former La Fabrica star

Arsenal have set their sights on Como midfielder Paz following his outstanding rise in Serie A. Reports from ElDesmarque indicate that the Premier League side are closely watching the 22-year-old Argentine and plan to make a formal approach in January 2027.

However, any potential transfer remains heavily complicated by Madrid's involvement. The Spanish giants retain significant influence over the playmaker's future despite allowing him to remain in Italy. Paz chose to stay with Como after establishing himself as one of the premier breakout stars in Italian football. His decision has kept him at the centre of European transfer attention.

Los Blancos designed a complex contract structure when settling Paz's future. In June, Como agreed to pay €60m to secure 100 per cent of the player's rights, but the Spanish club secured a unilateral €80m buy-back clause active for the summer of 2027.

The Bernabeu hierarchy previously held a much lower buy-back clause of around €9m, yet opted for a lucrative new arrangement instead. Real Madrid officially confirmed that allowing Paz to stay in Italy was completed "at the player's own request".

This agreement leaves Real Madrid with complete control over the situation. If Arsenal submit a concrete bid, the Spanish outfit can simply activate their €80m clause to reclaim the player before deciding whether to keep or resell him.

Since leaving Madrid in 2024, Paz has flourished into a pivotal figure under head coach Cesc Fabregas. The midfielder enjoyed a productive 2024/25 campaign, recording six goals and nine assists across 35 Serie A appearances.

He elevated his game further the following season, registering 12 goals and seven assists in 35 league games. His attacking output helped propel Como into the Champions League, where he featured against RB Leipzig.

Paz has maintained his fine form into the current campaign, scoring a fine goal during Como's 4-1 victory over Genoa on matchday three. He continues to shine as the team's primary number 10.

Paz's immediate future now presents three distinct outcomes as he continues his progress in Italy. Under contract until June 2028, his first option is remaining at Como to build his valuation through European competition.

Alternatively, Arsenal could push forward with an official offer in January 2027, forcing Madrid to decide whether to trigger their €80m repurchase option.

Finally, Los Blancos may decide that the academy product is ready to return directly to the Santiago Bernabeu squad. His performances in the coming months will ultimately determine which path unfolds.