Arsenal snubbed by Nico Paz?! Exciting Argentine playmaker makes huge future call following chat with new Real Madrid boss Jose Mourinho

Mourinho has proactively begun shaping his squad for the upcoming campaign, which included a direct sit-down with Nico Paz. The young Argentine, who has spent the last year developing in Serie A, is at a crossroads as Los Blancos weigh up whether to trigger their buy-back clause.

As per ESPN, there was a chat between Mourinho and Nico Paz to discuss where he fits into the Portuguese coach's immediate plans.

While Mourinho is reportedly keen to evaluate all returning loanees during pre-season, he is currently unable to guarantee Paz the regular first-team minutes he desires. As a result, the "Special One" has left the door open for the midfielder to continue his development elsewhere, leading to a likely extension of his stay in Italy rather than a permanent return to the Spanish capital this summer.

The uncertainty surrounding Paz's status at Real Madrid had put several European heavyweights on high alert, most notably Mikel Arteta’s Arsenal.

The Gunners have been keeping a close eye on the creative midfielder’s progress in Serie A, viewing him as a high-potential addition to their engine room. However, despite the lure of the Premier League, Paz appears unconvinced by a move to North London at this stage of his career.

A major factor in this decision is his relationship with Cesc Fabregas. The former Arsenal and Chelsea star has been instrumental in Paz's growth at Como, and the player is said to be extremely happy under his tutelage.

Reports suggest that the Paz departure could reshape Como's plans, but the player himself is leaning toward loyalty to the project that helped him burst onto the scene.

One of the primary reasons Paz is prioritising a stay at Como is the historic opportunity to represent the club in their debut Champions League campaign. After a stellar season in Italy, the midfielder has forged a deep connection with the fans and the coaching staff.

Fabregas has reportedly promised the 21-year-old a "vital role" in the team, a guarantee that neither Mourinho nor Arteta can currently match.

Real Madrid maintain a buy-back option set at €9 million for this summer, a figure that is scheduled to rise to €10 million (£9m/$12m) in 2027.

Given his current trajectory, Los Blancos are wary of losing control over the player entirely, but they recognise that another season of starting every week in the Champions League under Fabregas is the best way to protect his market value and development.

Paz is not the only youngster on Mourinho's radar as he oversees a significant overhaul at the Bernabeu. The club is also dealing with the future of Victor Munoz, who impressed on loan at Osasuna.

While Madrid hold an €8m buy-back clause for the attacker, he is currently expected to seek a permanent move to the Premier League rather than returning to compete for a spot in Mourinho's star-studded frontline.

The club's focus remains on high-profile arrivals, with deals for Denzel Dumfries, Ibrahima Konate, and Bernardo Silva reportedly nearing completion.