ARSENAL are reportedly monitoring Como star Nico Paz ahead of a potential January swoop.
But the Gunners could face a major obstacle in their pursuit of the highly-rated Argentina international, with Real Madrid retaining significant control over his future.
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Paz, 22, has established himself as one of Serie A’s brightest young talents since leaving the Bernabeu for Como in 2024.
And according to reports in Spain, Arsenal are keeping a close eye on the attacking midfielder and could make their move in January.
However, Real Madrid have an £68.7million buy-back option which becomes active in the summer of 2027.
That means the Spanish giants could potentially bring their former academy star back to Madrid rather than allow him to move elsewhere.
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Paz opted to remain with Como this summer despite speculation surrounding his future following another impressive campaign in Italy.
Real Madrid initially had the option to bring him back for around £9m but decided against triggering it.
Instead, Como reportedly paid £51.5m to take full control of the player, with Real securing their new £70m buy-back option for next summer.
The arrangement means Arsenal’s pursuit could ultimately depend on whether Real decide they want Paz back at the Bernabeu.
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Madrid could also potentially activate their option before deciding whether to keep Paz or listen to offers from other clubs interested in the midfielder.
Paz himself was keen to remain in Italy, where he has flourished under former Arsenal and Chelsea midfielder Cesc Fabregas.
Real confirmed the decision for him to stay at Como was made “at the player’s own request”.
The Argentina star has become a central figure in Fabregas’ side and helped fire Como into the Champions League.
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Paz scored six goals and provided eight assists across 35 Serie A appearances during the 2024-25 campaign.
He then took another huge step forward last season, registering 12 goals and six assists from another 35 league appearances.
And the former Real Madrid youngster has already opened his account this term, scoring a stunning goal in Como’s 4-1 victory over Genoa.
Paz also wears the No10 shirt at Como and has a contract with the Italian club running until June 2028.
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But a switch to Arsenal would offer him the chance to test himself in the Premier League as Mikel Arteta continues to keep tabs on some of Europe’s most exciting young talents.
For now Paz remains a Como player, but Arsenal’s interest combined with Real Madrid’s buy-back option could set up a fascinating battle for his signature in 2027.