Real Madrid have regained control of Nico Paz, but the Argentine midfielder may not stay at the Santiago Bernabeu for long.

According to Fabrizio Romano, Los Blancos have officially activated the €9 million buy-back clause included in Paz's agreement with Como. Rather than bringing him back as part of their first-team plans, however, the Spanish giants appear to be positioning themselves for a much bigger transfer.

Real See Bigger Opportunity

For months, the expectation was that Paz would spend another season at Como before Real considered bringing him back in 2027 under a slightly higher buy-back option.

Instead, the club has accelerated its plans.

By activating the clause this summer, Real have taken full control of the player's future and can now negotiate from a much stronger position if other clubs decide to make an offer.

Reports suggest the Spanish side believe the 21-year-old's market value has risen significantly and want to capitalize on growing interest across Europe.

Como Given One Last Chance

Despite exercising the buy-back clause, Real have not completely shut the door on Como.

The Serie A club has reportedly been offered priority to re-sign Paz for €60 million, with a decision expected before Monday.

Should Como decline those terms, the midfielder is expected to return to Madrid next week, where Real will evaluate fresh proposals from interested clubs.

Any future transfer is expected to command a fee higher than the €60 million currently offered to the Italian side.

Meetings Already Held

Club representatives have already met in Madrid to discuss the next phase of the deal.

Italian reports indicate that Como had hoped to keep Paz for another season under the existing agreement, avoiding a major financial commitment.

Real, however, chose to restructure the situation entirely, preferring to maximize the player's transfer value instead of delaying any potential sale.

The funds generated could be reinvested into further additions during the current transfer window.

European Giants Monitoring Situation

Paz originally joined Como from Real Madrid in the summer of 2024 for €6 million, with Los Blancos wisely retaining both a buy-back option and a 50 percent sell-on clause.

That foresight now gives Madrid enormous flexibility.

Inter Milan are currently considered the strongest contenders should Paz become available on the open market. Arsenal have also been linked with the Argentine international, although reports suggest the Premier League champions continue to prioritize a move for Morgan Rogers, viewing Paz as an alternative rather than their primary target.

With Real now firmly back in control of the midfielder's future, the coming days could determine whether Paz returns to Spain or immediately becomes one of the hottest names of the summer transfer window.