Arsenal target Nico Paz as Real Madrid face €80m transfer problem

Arsenal have reportedly identified Como star Nico Paz as a transfer target for 2027, potentially creating a complicated situation for Real Madrid.

The 22-year-old has developed into one of Serie A’s standout attacking midfielders since leaving Madrid for Como. His performances have now attracted Arsenal, who could attempt to succeed where Tottenham previously failed.

According to Bernabéu Digital, Arsenal’s interest is genuine and the Gunners have placed the Argentina international on their list of targets for next summer.

Tottenham previously made a major attempt to sign Paz, with Como reportedly rejecting a proposal worth around €70 million.

His value has only increased since then.

Paz has registered 20 goals and 17 assists across 78 appearances for Como, becoming a key player under Cesc Fàbregas.

His contractual situation, however, makes any future transfer particularly complicated.

Real Madrid originally sold 50% of Paz’s rights to Como in 2024. Como subsequently secured full ownership by paying Madrid €66m, but Los Blancos retained an €80m buyback clause.

That clause gives Real Madrid considerable influence over what happens next.

According to the report, Real Madrid are considering activating their €80m buyback clause in 2027, potentially with the intention of subsequently selling Paz for a higher fee.

Arsenal’s interest creates a problem with that strategy.

FIFA regulations regarding bridge transfers could prevent Madrid from buying Paz back and immediately selling him to Arsenal or another club. The regulations cited in the report impose a 16-week restriction, complicating any attempt to complete both transactions quickly.

One potential solution would involve negotiations between Real Madrid, Como and Arsenal.

Rather than Madrid formally activating the clause, the three clubs could potentially reach an arrangement whereby Real Madrid receive compensation for surrendering or transferring their buyback rights.

That could give Arsenal a clearer route towards Paz while allowing Madrid to benefit financially without bringing the midfielder back to Spain first.

There remains a long way to go before any deal becomes realistic, particularly with the 2026 summer window having only just closed. However, Arsenal’s early interest means Paz could already be developing into one of the major transfer stories ahead of 2027.

Arsenal can continue monitoring Paz throughout the season before deciding whether to make a formal approach in 2027. Real Madrid must meanwhile determine whether they genuinely want the midfielder back or would prefer to negotiate compensation for their €80m buyback rights. If Arsenal eventually push ahead, talks involving all three clubs could become the cleanest route to a deal.