The club had communicated their intention informally in recent days. Thursday's meeting between Real Madrid and Como representatives made the position official. The clause will be formally activated within days, at which point Paz will revert to being a Madrid player.
Paz, 21, is currently at the World Cup representing Argentina. He spent two seasons at Como under Cesc Fàbregas and was central to the club's rise, helping them qualify for the Champions League with a fourth-place Serie A finish. He had hoped to remain in Lombardy for the next stage of his development.
That plan is now off the table. Como would need to negotiate a fresh deal with Real Madrid if they want to keep him — and Real Madrid have indicated they would seek around €60 million for any new sale, a figure that reflects Paz's development and the competitive interest from across Europe.
Madrid's motivation is straightforward. They do not want to lose control of a player who has developed significantly on loan and whose value has grown considerably. By reactivating their ownership, they retain the ability to decide where Paz goes next.
Como are understood to be exploring alternatives in case the Paz negotiation proves too expensive. One option is Antonio Vergara of Napoli. The 23-year-old Italian midfielder made 12 Serie A appearances last season, scoring once and providing two assists, and has attracted interest from Como, Roma, Tottenham Hotspur and Atalanta.
Tuttomercatoweb reports that Como have made initial contact over Vergara, who Napoli value at around €30 million.
The Paz situation is a reminder of how Real Madrid's loan structure functions. The club builds value through its academy and loan network, then decides when and how to monetise — or retain — the assets it has developed.