The Argentine youngster left Madrid in 2024 in a deal that included a return clause, and the Spanish giants now believe the time is right to bring him back.
Paz has excelled in Italy, registering 13 goals and eight assists in 37 appearances across all competitions.
His form has made him one of Serie A’s breakout stars and convinced Madrid he is ready for the next step.
The deadline to trigger the clause is May 30, but reports in Spain claim the club have already informed all parties of their intention.
Como, managed by Cesc Fabregas, are understood to accept the situation and could now look to sign more young Madrid talent this summer.
Real Madrid have used similar clauses regularly in recent years to maintain control over top academy prospects.
Paz is now expected to return for pre-season with his long-term future to be assessed by the club’s new coaching setup.