The attacking midfielder has continued to attract attention since moving to Italy, establishing himself as an important player for Como and demonstrating his ability on the Champions League stage.
Paz was particularly impressive against Manchester United, scoring twice in Como's 4-1 victory. His performances have strengthened the impression that he is ready to compete at a higher level, although his next move remains uncertain.
Real Madrid retain a route to bring their former academy player back to the Spanish capital. An agreement reached with Como in June 2026 allows Paz to remain in Italy for the 2026-27 campaign, while giving the Spanish club a unilateral buy-back option for the following season.
Reports indicate that the option is valued at €80 million, giving Madrid the opportunity to make a decision next summer. Como's agreement to retain the player was reached at his request, allowing him to continue his development rather than return immediately to the Bernabéu.
However, there is no guarantee that Madrid will exercise the option.
Spanish journalist Látigo Serrano believes the chances of Paz returning are limited, pointing to the number of attacking midfielders already competing for places in the Madrid squad.
"The reality is that if Real Madrid had wanted to buy him last summer, it would have cost them €10 million," Serrano said on his YouTube channel.
"I think Nico Paz is not going to return to Real Madrid because in his position they have Jude Bellingham, Arda Güler and Brahim Díaz. Nico Paz would only return to Real Madrid if it was to play. He does not want to be a regular substitute."
Serrano went further, estimating the likelihood of a return at less than 20 per cent.
"If you ask me, I think the chances of him returning are very low, below 20 per cent," he added.
That assessment reflects the challenge facing Madrid if they decide to bring Paz back. Bellingham and Güler offer options in similar attacking areas, while Brahim Díaz provides further competition for places behind the forwards.
For Paz, the prospect of returning to his former club may be attractive, but regular playing time is likely to be a major consideration. His progress at Como has been built on responsibility and consistent involvement, and a move that leaves him on the fringes of the Madrid squad would represent a different proposition.
The Argentine's performances in Italy have also ensured that his future is attracting attention beyond Spain. A decision by Madrid not to activate their option could leave Como in a strong position, particularly if interest from other European clubs develops.
Much will depend on the role Madrid can offer him and how their midfield options evolve over the coming months. The buy-back agreement gives the Spanish club control over one possible route, but it does not guarantee that Paz will return.