The likes of Arsenal and Chelsea look set to get another opportunity to sign Argentine playmaker Nico Paz as he’s returning to Real Madrid via a buy-back clause.

Paz had shone during a spell with Como, and we reported a couple of months back that Real’s plan was to bring him back to the Bernabeu this summer.

DOWNLOAD THE OFFICIAL CAUGHTOFFSIDE APP FOR ALL THE LATEST & BREAKING UPDATES – STRAIGHT TO YOUR PHONE! ON APPLE & GOOGLE PLAY

This has now been confirmed today by Fabrizio Romano, who has posted on X about Madrid informing the Serie A club of their decision, though he also suggests that Paz will be available on the market for around €60m.

See below for details as Romano provides his latest info on Paz’s future…

??? BREAKING: Real Madrid officially inform Como they activate €9m buy back clause for Nico Páz.

Nico returns and the club gives Como the chance to buy him for €60m from now to Monday.

Otherwise, next week Nico will be back to Real Madrid — and on the market again for MORE… pic.twitter.com/bk4vNcPc54

— Fabrizio Romano (@FabrizioRomano) June 25, 2026

Interestingly, Romano makes it clear that Paz will be “on the market again” after returning to Madrid, with Como able to sign him permanently for €60m, while other clubs may face paying even more.

New Nico Paz transfer opportunity for Arsenal and Chelsea?

Interestingly, this latest information differs slightly from what we were told, which was that Paz was being brought back to Madrid to be a key first-team player.

We were told that Arsenal and Chelsea looked into the 21-year-old’s situation but were told he would not be available. It would appear that this has now changed, and is most likely due to the surprise return of Jose Mourinho as manager, which has signalled a clear shift in direction in terms of recruitment.

Want more CaughtOffside coverage? Add us as a preferred source on Google to your favourites list for news you can trust

It’s very clear that Mourinho’s return is part of an overall shift of strategy towards experience, both in the manager that has been brought in and the players he’ll be working under, such as Bernardo Silva, Marc Cucurella, Ibrahima Konate, and Denzel Dumfries.

This means there won’t be room for Paz unless something dramatic happens in the coming weeks, and he’ll be available for the likes of Arsenal and Chelsea to try again for his signature.

Clearly the young South American won’t come cheap, but he’s very highly regarded, so surely won’t be short of suitors willing to put big money on the table.