According to a report by FootballTransfers on Thursday, October 22, 2026, Chelsea could be required to pay more than €100 million to sign Como playmaker Nico Paz, with Real Madrid emerging as a major obstacle in the race for the Argentine international.

The report described Chelsea as being "hot on the trail" of Paz, who has attracted growing attention following his impressive performances in Serie A and a standout display against Manchester United in the Champions League.

The 22-year-old scored twice and provided an assist in Como's victory over United, taking his tally to four goals and five assists in 10 appearances across all competitions this season.

Chelsea have reportedly been monitoring the attacking midfielder closely, including during Como's recent matches against Feyenoord and Fiorentina.

However, securing his signature could prove difficult because of the financial arrangements between Como and Real Madrid.

Paz joined Como from Real Madrid in 2024 for an initial fee of €6 million after making only a limited number of appearances for the Spanish giants at youth level.

He quickly established himself as an important player under manager Cesc Fabregas, recording six goals and eight assists during his first season with the Italian club.

His performances helped Como achieve their highest-ever league finish and earned him recognition as Serie A's best player under the age of 23.

The Argentine continued his development last season, registering 12 goals and six assists as Como secured Champions League qualification with a fourth-place finish. He was also named Serie A's best midfielder and included in the league's team of the year.

Como subsequently paid €60 million to retain Paz during the summer, preventing Real Madrid from activating an earlier €9 million buy-back option.

However, Real Madrid reportedly retain the right to re-sign him for €80 million next summer under a revised agreement.

The Spanish club could also be entitled to a substantial share of any future transfer fee, further complicating Chelsea's efforts to negotiate a deal.

Como are under little financial pressure to sell their prized asset, meaning Chelsea may need to submit a significant offer to persuade the Italian club to consider his departure.

Como sporting director Carlalberto Ludi has also spoken highly of the midfielder's abilities and potential.

"Nico Paz is world-class, both in terms of his work ethic and his talent," Ludi told Sky Sport Italia earlier this month.