Real Madrid have notified both Como and Paz's representatives that they intend to trigger the €9 million buyback clause in the Argentine midfielder's contract — a decision that has been widely reported in Spain as effectively confirmed.
The clause was inserted when Real Madrid sold Paz to Como in 2024, transferring 50 per cent of his economic rights for an initial fee of €6 million. It is exercisable before 30 May 2026, and Valdebebas sources indicate the club has already taken the internal steps to formalise the return.
When DAZN put the question to Fàbregas at full-time, the Como head coach was unwilling to engage with the premise.
"You're the one saying he's leaving. It's not the moment to talk about it — there are three games left."
His response left a small but deliberate space open. With Como on the verge of confirming a Europa League place next season — which would represent a significant step for the club — there is a possibility that Paz himself might choose to stay for one more year in a competition that would offer him continued development and the kind of profile that European nights in Italy could deliver.
The reality, however, is that Real Madrid's position appears decided. Paz has scored 13 goals and contributed eight assists across 37 appearances this season — figures that have made him one of the most influential creative players in Serie A under Fàbregas's management.
His performances attracted attention from Manchester City and Bayern Munich during the season, both of whom enquired about his availability. Real Madrid's response was consistent: the buyback is being exercised.
Como are already in contact with Real Madrid about potential replacements, with the relationship between the clubs described as extremely collaborative. Winger Daniel Yáñez and right-back Jesús Fortea are among the La Fábrica players under discussion as possible successors to Paz in the Italian city.
The 0-0 draw with Napoli, in which Como managed just three shots on target in a tight and cautious contest, leaves Fàbregas's side needing a strong finish to confirm their European place before Paz's anticipated departure becomes official.