Arsenal monitor Como star Nico Paz as Real Madrid hold key to January move

Arsenal are monitoring Como attacking midfielder Nico Paz ahead of a possible move in January, but Real Madrid retain significant control over the Argentina international’s future.

Paz, 22, has emerged as one of Serie A’s most promising young players since leaving Santiago Bernabeu for Como in 2024. According to The Sun, Arsenal are following the midfielder closely and could make an approach during the January transfer window.

However, Real Madrid have a buy-back option worth £68.7m that becomes active in the summer of 2027. The Spanish giants could therefore choose to bring their former academy player back to Madrid rather than allow him to move to another club.

Paz decided to remain with Como this summer despite continued speculation over his future, following another impressive campaign in Italy. He had initially been available to Real Madrid for about £9m, but the club opted not to activate that clause.

Instead, Como reportedly paid £51.5m to secure full control of the player. As part of that agreement, Real Madrid received a new buy-back option worth £70m for next summer.

That arrangement means Arsenal’s interest could ultimately depend on whether Real Madrid decide they want Paz back at the Bernabeu. The club are also expected to activate their option before determining whether to keep him or consider offers from other teams interested in the midfielder.

Real Madrid said Paz’s continued stay at Como was decided “at the player’s own request”.

The Argentina international has become a central figure in Cesc Fabregas’ side and helped guide Como into the Champions League. Paz developed under the former Arsenal and Chelsea midfielder, having been keen to continue his progress in Italy.

In the 2024-2025 Serie A season, Paz scored six goals and provided eight assists in 35 league appearances. He made another significant step forward the following season, scoring 12 goals and recording six assists in a further 35 league matches.

He has already opened his account for the current campaign, scoring a spectacular goal in Como’s 4-1 victory over Genoa.

Paz wears the number 10 shirt for Como and remains under contract with the Italian club until June 2028.