Chelsea target £100m move for Nico Paz as Real Madrid's buyback looms

Chelsea are tracking Como attacking midfielder Nico Paz as their next major signing, with Italian outlet Tuttomercatoweb reporting the West London club are prepared to spend in excess of £100m to secure the 22-year-old ahead of Real Madrid.

Paz has been one of Serie A’s standout performers since joining Como from Real Madrid in 2024, thriving under the management of former Chelsea midfielder Cesc Fabregas. He scored 12 league goals last season as Como qualified for the Champions League for the first time in their history, and underlined his growing reputation last week by scoring twice and assisting a third in Como’s victory over Manchester United in the Champions League league phase.

Chelsea scouts have reportedly watched Paz in recent Champions League fixtures, including matches at De Kuip and in Florence, as the club’s new ownership looks to make a statement in the transfer market under manager Xabi Alonso. The Blues already invested heavily in the summer window, bringing in Morgan Rogers, Emiliano Martinez, Maxence Lacrois, Valentin Barco, Jordan Henderson and Danny Welbeck.

The central complication in any deal is Real Madrid’s contractual position. The Spanish club retain an exclusive buyback clause worth €80m, active in the summer of 2027, and would also be entitled to a percentage of any resale fee if Paz moves before that window opens. Italian journalist Marco Conterio, who broke the story, was blunt about the financial reality: “If Chelsea want Paz, then they’ll have to pay dearly.”

Conterio also highlighted how Paz has matured physically since leaving Madrid. “Nico is on a new path, even on a personal level: he is growing physically and athletically. He may have lost 5% of his brilliance, but he has gained it in muscle, center of gravity, stamina, and strength. This is why Europe’s big clubs are constantly monitoring him.”

Born in Tenerife, Paz came through the local academy before joining Real Madrid’s youth setup a decade ago. He made close to 50 appearances for their reserve side and a handful in La Liga before his move to Italy. He has since committed internationally to Argentina, earning a place in Lionel Scaloni’s squad for the 2026 World Cup, where he played twice in the group stage.

With two goals already in his first seven Serie A games this season, Paz is on course for his most productive campaign yet — which may only accelerate Chelsea’s interest and drive up the eventual price.