The Como coach made the comments at his pre-match press conference ahead of Sunday's final Serie A fixture against Cremonese, responding directly to recent public praise of Paz from Inter Milan vice-president Javier Zanetti, who had spoken openly about his admiration for the 21-year-old.
"Nico is 50 per cent a Como player, but he is ours," Fábregas said. "The only club that can say anything is Real Madrid. I know that Zanetti does not work for Real Madrid or Como, so respect must be shown. There are also small messages that I don't like."
He then made his position entirely clear: "If I can say one thing, I know it for certain: Nico Paz will not play for Inter. Either he returns to Real Madrid or he plays for Como next season."
Paz has produced one of the standout individual seasons in Serie A, contributing 19 goal involvements across the campaign. Real Madrid sold him to Como in 2024 for €6 million but retained buy-back clauses — €9 million in 2026, rising to €10 million in 2027. The club is widely expected to exercise that option this summer, a move that would represent extraordinary value given Paz's current market value of around €65 million.
Zanetti had framed his interest diplomatically. "I love Nico Paz, how he plays and as a person. His father was my room-mate at the 1998 World Cup. I am happy for his present — great players will always attract great clubs."
Fábregas was unimpressed.
Paz is currently managing a knee problem picked up against Hellas Verona. His availability for Sunday's final match remains uncertain, and Argentina's medical staff have been monitoring him in Italy.
"We are trying to see if he can play. He deserves to — he has helped us enormously," Fábregas said. "Between 24 and 48 hours a player can recover enormously. We will see on matchday."
Inter wanted him. The answer, from Fábregas, was delivered without ambiguity.