Chelsea are eyeing up a battle with Spanish capital giants Real Madrid for their next headline-grabbing transfer, according to reporting in Italy.

The Blues invested heavily in new players during the summer transfer window, equipping new manager Xabi Alonso with a squad boasting the likes of Morgan Rogers, Emiliano Martinez, Maxence Lacrois and Valentin Barco, as well as the senior influence of Jordan Henderson and Danny Welbeck.

Now, Chelsea are looking to go big again. Tuttomercatoweb reports that the West London club are keeping an eye on talented Argentinian attacking midfielder Nico Paz.

Chelsea are reportedly watching Como star Nico Paz

The 22-year-old has been consistently impressive since joining Como from Real Madrid in 2024 and has flourished under the guidance of former Chelsea midfielder Cesc Fabregas.

Real Madrid have a buyback clause worth €80 million next summer but Chelsea are watching closely with a view to pulling a rabbit out of the hat to kick off their new ownership era in style.

"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," reports Marco Conterio.

"This is why Europe's big clubs are constantly monitoring him. Sure, he'll cost a fortune, but Chelsea , for example, isn't afraid to invest. In their latest league outings in Serie A, and even in the Champions League, Blues [officials] have been keeping a close eye on him, both at De Kuip and during the last match in Florence.

"Real Madrid have an exclusive buyback agreement of €80 million set for the summer of 2027, otherwise they'll get a percentage of the resale price. In other words: if Chelsea want Paz, then they'll have to pay dearly."

Paz was the star of the show when Como thrashed Manchester United in the league phase Champions League last week, scoring twice and setting up a third goal in between.

He scored 12 Serie A goals last season, helping to lead Como into the Champions League for the first time in their history. He has two goals in his first seven league games this season and is on track to have his most productive season in terms of goals and assists combined.

Born in Tenerife, Paz developed in the local club's academy before he was picked up by Real Madrid 10 years ago. He played nearly 50 league matches for the club's second team and made a handful of appearances in La Liga before his switch to Italy.

The youngster has been one of Serie A's foremost talents over the past couple of seasons, during which Fabregas and Como have matched his evolution into a household name.

Paz chose Argentina over Spain at international level and was included in Lionel Scaloni's squad for the World Cup in 2026, playing twice in the group stage.