Nico Paz has cemented his reputation as one of the elite young talents in Europe after anchoring Como to a historic UEFA Champions League berth for the 2026-27 season, triggering intense speculation regarding a potential blockbuster return to Real Madrid. However, if the Argentine playmaker is to make his way back to the Spanish capital, club president Florentino Perez revealed that the ultimate decision will rest in the hands of incoming manager Jose Mourinho.
Currently navigating a high-stakes reelection campaign against challenger Enrique Riquelme, Perez has already announced Mourinho as his chosen mastermind to take over the vacant managerial seat. Once the June 7 presidential election concludes, summer transfer business will instantly take center stage at the Bernabéu, with the 21-year-old Paz heavily viewed as a foundational pillar of the club’s long-term future.
In an exclusive interview with Diario AS‘ Jose Felix Diaz, Florentino Perez addressed the growing clamor for the midfielder’s return: “Nico Paz is one of those great players who developed in our youth academy and who is currently one of the footballers that big European clubs are fighting for. He has had a great season with Como in Italy and, as you know, we have the option to bring him back this year. We will make a decision on it with the manager and the coaching staff.“
When pressed on other finalized transfer targets, Perez acknowledged the impending arrival of center-back Ibrahima Konate, teasing that “he will not be the only one of the great defenders who will arrive if I remain in charge of Real Madrid,” a clear nod to Inter Milan right-back Denzel Dumfries. Yet, Paz’s situation remains entirely distinct, as his immediate future hinges strictly on whether Mourinho and his staff view the rising star as an immediate first-team contributor or prefer him to continue his development abroad.
Nico Paz’s Instagram story during training.
Any definitive clarity regarding his club future remains temporarily on ice, as Paz is currently locked into a race against time to recover for Argentina’s 2026 World Cup campaign while recovering from a knee fissure. Despite persistent rumors suggesting he could be squeezed out from the World Cup roster, the midfielder posted a reassuring update to his Instagram story, captioning a training photo: “Final days of recovery. Really looking forward to getting started!!“
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A dynamic return would represent an absolute bargain for Los Blancos
Racking up a spectacular 13 goals and eight assists across 40 appearances as the creative epicenter of Cesc Fabregas’ tactical system, Paz has matured into an absolute sensation in Serie A. Since departing Madrid in 2024, his projected market valuation has skyrocketed to an estimated €80 million on Transfermarkt, though the actual financial package required for Real Madrid to secure his services would be virtually microscopic.
According to Argentine transfer expert German Garcia Grova, Bernabeu executives are actively mapping out the logistics of triggering the buyback option. Per the original structural terms negotiated with Como two years ago, Real Madrid retained an incredibly favorable, below-market buyback clause that sits at just €9 million for the summer of 2026.
With the presidential election set for Sunday, June 7, Perez remains the overwhelming favorite to retain his post and dictate the club’s sporting direction. However, with Como boasting a Champions League platform next season and Mourinho tasked with balancing an already talent-rich midfield featuring Arda Guler and Franco Mastantuono, the possibility of allowing Paz to remain in Italy for one more developmental year remains a very realistic outcome.
