With the January transfer window opening across Italy on January 2, Como will be watching the coming weeks closely to see whether talisman Nico Paz returns to Real Madrid.
Real Madrid’s generosity has been Como’s gain
Paz is currently Como’s top scorer and leading provider this season, with six goals and six assists.
To underline how damaging his potential departure could be, Como’s next closest attacking threats — Máximo Perrone, Jesus Rodríguez and Anastasios Douvikas — have just four attacking contributions apiece.
The Argentine’s impressive performances throughout the 2025/26 campaign have helped propel Como up to sixth in the Serie A table.
That position looks even more impressive given they currently sit above defending Coppa Italia winners and 2025 Supercoppa Italiana finalists Bologna, 2025/26 Champions League participants Atalanta, and Lazio.
Progression has been the name of the game for Nico Paz
Como signed Paz from Real Madrid Castilla in August 2024 for just over £5 million, having initially joined Los Blancos from CD Tenerife as a 13-year-old.
He progressed through Madrid’s youth system, representing the club at Under-17, Under-18 and Under-19 level.
Before moving to Italy, Paz made eight senior appearances across all competitions between November and December 2023, scoring his only Real Madrid goal in a 4-2 Champions League win over Napoli.
A Champions League winner with Madrid in 2023/24, Paz is capable of operating across much of the forward line. While primarily viewed as a creative, box-to-box midfielder, he is also comfortable out wide or leading the line.
Manager Cesc Fàbregas will relish every moment Paz picks up the ball and drives forward — a scenario that more often than not ends in celebration.
Off the pitch, Paz is enjoying life in one of European football’s most picturesque settings, with Lake Como visible from Stadio Giuseppe Sinigaglia.
He has also taken major steps internationally, earning his first Argentina cap in October last year.
That debut came in a 6-0 win over Bolivia, with Paz providing the assist for Lionel Messi’s hat-trick goal in the 86th minute.
Real Madrid’s contractual trump card
With a reported market value of around £56 million, Real Madrid would ordinarily need to spend heavily to bring Paz back.
However, Los Blancos hold a buy-back clause in his Como contract, allowing them to re-sign him whenever they choose.
While that option could be triggered as early as January for a significant fee, a summer return — at a considerably lower cost — appears more likely.
That may be the sensible route, but Madrid might want Nico Paz back sooner rather than later. He was voted the 2024/25 Serie A Young Player of the Season (G5, A9), though that accolade alone is unlikely to be the deciding factor.
Manager Xabi Alonso will be keen to reclaim LaLiga from Barcelona and wrestle back the Champions League crown from Paris Saint-Germain by the end of the season.
An early reintegration of Paz into Los Blancos’ squad could help accelerate that pursuit.
Implications for Real Madrid and Como
Would Paz walk straight into a new dressing room and immediately challenge for a place in Alonso’s starting XI?
Given the depth of attacking talent already at Madrid’s disposal, only time will tell.
From Como’s perspective, Fàbregas will hope Madrid stay away until the summer, allowing Paz and his team-mates to push for European qualification for only the second time in the club’s history.
That would mark a significant milestone for the Lombardy side, whose only previous continental appearance came in the group stage of the 1980/81 Mitropa Cup.
