Como sporting director Carlalberto Ludi has spoken about the growing speculation surrounding Nico Paz's future at the Italian club, with Real Madrid and Arsenal reportedly showing strong interest in signing the Argentine midfielder ahead of the 2027 summer transfer window.

The 22-year-old has attracted considerable attention following his impressive displays in Serie A and the Champions League. His creativity, technical ability and influence in attacking areas have established him as one of the most exciting young players in European football, prompting several major clubs to monitor his development.

Real Madrid are particularly interested in securing his return to the Santiago Bernabeu, having included a buy-back option in the agreement that allowed him to join Como. The Spanish giants are believed to view the midfielder as a player who could eventually strengthen their attacking options, while Arsenal have also been linked with a possible move as they consider ways to improve their squad.

Speaking during an interview with Radio Radio, as reported by Tuttomercatoweb, Ludi acknowledged that the increasing attention surrounding Paz is something Como must be prepared to manage. He explained that Real Madrid frequently attract attention whenever former players become successful elsewhere, particularly when transfer windows approach.

Despite the speculation, the Como sporting director insisted that Paz remains completely committed to the Italian club. He maintained that the midfielder is currently an important member of the squad and that the club would rather appreciate his contributions than become distracted by discussions about a possible departure.

Ludi explained that Como were pleased with the business they completed when they secured the player's services. He also confirmed that Real Madrid retained a contractual opportunity to bring the Argentine back, describing such an arrangement as a normal part of modern transfer agreements.

The sporting director further suggested that a potential sale would not necessarily represent a disappointment for Como. Instead, it could demonstrate the success of the club's investment and the development work carried out since Paz arrived. He believes receiving significant recognition and financial value from the midfielder's progress would be an important achievement for the organisation.

According to Ludi, Como will continue assessing the situation as the season progresses, while maintaining their positive relationship with Real Madrid. He also spoke highly of Paz's footballing qualities, describing him as an exceptional talent whose contribution has been valuable to the Italian side.

Real Madrid's contractual advantage is understood to involve a buy-back clause reportedly worth €80 million, which journalist Fabrizio Romano has indicated will be available during the 2027 summer transfer window. The arrangement gives the Spanish club an opportunity to bring the midfielder back without having to negotiate an entirely new transfer agreement with Como.

Paz initially left Real Madrid for Como in 2024 in a deal reportedly worth approximately €6 million. The Italian club subsequently secured his full rights through an agreement valued at around €60 million, although Madrid ensured they maintained the option of bringing him back in the future.

However, having the contractual opportunity to re-sign the player does not automatically guarantee that Real Madrid will secure his return. Paz reportedly had the chance to move back to the Spanish capital during an earlier transfer window but decided against it because he was concerned about his prospects of receiving regular first-team opportunities.

Competition for attacking positions at the Santiago Bernabeu remains intense, with Jude Bellingham and several other talented players competing for important roles. The midfielder may therefore consider carefully whether returning to Madrid would provide the playing time necessary for his continued development.

Arsenal could potentially benefit if uncertainty develops around Real Madrid's pursuit. The Premier League club are understood to be interested in strengthening their attacking department, and Paz's ability to create opportunities, operate between the lines and contribute goals makes him an attractive option.

His reputation has continued to grow through his performances for Como, including his involvement in the club's remarkable 9-1 Champions League victory over French opponents Lens. Such displays have further demonstrated his potential to compete at the highest level.

For now, Como remain focused on keeping their influential midfielder involved in the team's ambitions. Nevertheless, with Real Madrid possessing a buy-back option and Arsenal monitoring his situation, Paz's future could become one of the major transfer discussions ahead of the 2027 summer window.