The 22-year-old made a major impression when Como beat United 4-1 in the Champions League on October 21, scoring twice and providing an assist in a Player of the Match performance.
Manchester United's interest reportedly predates that display, with the club having tracked the Argentina international before he delivered one of the standout performances of Como's European campaign.
According to The Sun, United are keeping tabs on Paz as they assess their options for the 2027 transfer window. The report identifies Bruno Fernandes' uncertain future as one reason the club could look for another player capable of operating in the number 10 position.
Paz has been in impressive form under Cesc Fàbregas, recording six goals and eight assists in 14 appearances across competitions this season. He can also operate on the right, giving United another possible option in an attack that has struggled with injuries and a lack of consistency.
The Argentine joined Como from Real Madrid in 2024 after progressing through the Spanish club's academy and making his senior debut. Madrid retained control over his future when the two clubs agreed in June 2026 that he would remain in Italy for another season.
Real Madrid confirmed that they hold a unilateral buy-back option for the 2027-28 season.
Reports have valued that clause at around £67 million, meaning United's pursuit could depend heavily on whether Madrid decide to bring him back to the Bernabéu.
Paz reportedly turned down the opportunity to return to Spain previously, preferring to continue developing at Como rather than risk a reduced role in a crowded attacking department.
The situation could be complicated further by the presence of Jude Bellingham, who occupies the central attacking position at Madrid. However, the Spanish club's contractual position gives them significant influence over what happens next.
United's interest also comes at a time of change at Old Trafford. Mauricio Pochettino has been confirmed as the club's new head coach following Michael Carrick's dismissal, and the arrival of another Argentine could provide a natural connection if a move for Paz develops.
Fernandes' position is another factor to watch. The Portuguese midfielder is approaching the final months of his contract, although United have an option to extend his deal. His future could influence the club's recruitment priorities, particularly if they decide to bring in a specialist attacking midfielder.
Paz is not the only attacking position United may need to address, with injuries and questions over the futures of several forwards leaving the squad short of reliable alternatives.
For now, the reported interest remains at the monitoring stage rather than representing a formal offer. Much will depend on Real Madrid's intentions and whether United decide to pursue a player who has already demonstrated his quality against them.