Real Madrid retain significant influence over any move, however, after structuring a deal with Como last June that saw the Italian club pay 60 million euros for full ownership of the Argentine while Madrid secured a unilateral buy-back option worth €80 million, exercisable next summer.
That mechanism means Arsenal cannot simply negotiate a straightforward deal with Como; Madrid would retain priority to reclaim the player first under those agreed terms, before deciding whether to keep him or sell him on themselves.
Madrid had initially held a far cheaper buy-back clause of around €9 million, but chose not to exercise it in the last window, instead restructuring the arrangement with Como at Paz's own request, since the midfielder wanted to remain in Italy and continue playing Champions League football under Cesc Fabregas.
Madrid confirmed at the time that the new deal was reached "at the player's own request."
Paz, who left Madrid's academy in 2024, has established himself as one of Como's most important players since arriving, recording 35 Serie A appearances, six goals and eight assists in his first season, before improving to 12 goals and six assists in 35 appearances last term, according to Opta. He has continued that form this season, scoring in a 4-1 win over Genoa in Serie A's third round, his first goal of the campaign, and has already featured in the Champions League against Leipzig as Como qualified for Europe's top competition for the first time.
Now 22, Paz's contract with Como runs until June 2028, and three broad scenarios are seen as possible for his future: he could remain at Como for the full season and continue increasing his value; Arsenal could submit a concrete proposal in January, forcing Madrid to decide whether to activate their buy-back; or Madrid themselves could conclude he is ready to return to the Santiago Bernabeu and become part of their own squad once again.
For now, Paz is focused purely on his football, operating as Como's number 10 in a side built heavily around Fabregas' attacking principles.