Tuttosport reports that Inter Milan have identified Paz as their marquee summer signing and are preparing an offer in the region of €45-50 million, with a buyback clause to be included in any offer to Madrid as a condition of any sale.
Real Madrid can re-sign Paz from Como for approximately €9-10 million under the terms agreed when the 21-year-old moved to Italy in 2024, and the club has already communicated its intention to activate that clause before the May 30 deadline. The Bernabéu outfit paid €6 million for Paz's initial sale and retained 50 per cent of his sell-on rights.
The complexity for Inter is that the decision on Paz's future will rest largely with whoever becomes Real Madrid's permanent manager. Paz would return to a squad already stacked with midfield options — Jude Bellingham, Federico Valverde, Eduardo Camavinga, Aurélien Tchouaméni and Brahim Díaz among them — and his role under new management is far from guaranteed.
Inter vice-president Javier Zanetti has long been an admirer of the player and maintains a strong relationship with Paz's father, Pablo.
The Nerazzurri are hoping that personal connection, combined with the promise of a leading role at San Siro, can be enough to convince both player and club.
Paz has had a breakthrough season with Como under Cesc Fàbregas, contributing ten goals and six assists as the club push for a shock Champions League qualification.
His market value has risen to around €70 million, making the potential arithmetic of Madrid buying him back at €10 million and selling to Inter at €45-50 million a financially attractive outcome for Los Blancos.
Inter's transfer budget for the summer is estimated at €40-45 million before sales, with the anticipated departure of Alessandro Bastoni to Barcelona the most likely source of additional funds.