Ramón left Real Madrid for Como in the summer of 2025 in a deal worth around €2.5 million for 50 percent of his rights. Madrid retained a buy-back option and a 50 percent sell-on clause — the same structure used for Víctor Muñoz, whose two subsequent transfers to Osasuna and Liverpool generated around €26 million in combined sell-on proceeds for the club.
His debut season in Italy was strong. Ramón made 32 Serie A appearances, scored twice and was part of a defence that kept 14 clean sheets as Como secured a top-four finish and Champions League qualification.
Chelsea's interest emerged through separate conversations with Como about Trevoh Chalobah. According to Fabrizio Romano, Alonso is drawn to the player and sees him as a candidate for the defence he is building at Stamford Bridge.
Alonso and Ramón have an existing relationship. The Spaniard worked with him during his time coaching within Real Madrid's academy structures, and the connection has remained.
The financial picture is the complicating factor. Cesc Fàbregas wants to keep Ramón at Como for Champions League football next season.
Como have placed a price tag of around €50 million on the defender — a figure that reflects both his market value and the fact that any fee would send half to Real Madrid under the sell-on clause. That structure reduces Como's net return from any deal.
Real Madrid's buy-back option gives them the alternative of reacquiring the player directly if they choose. Current indications are that they would prefer to wait one more season before triggering it, leaving Chelsea room to move if they are willing to meet Como's price.
Ramón has indicated openness to the Chelsea project. The outcome depends on whether all three clubs can reach terms.