Mourinho's Arrival Swings Door Open for Chelsea's Paz Move

Chelsea have been handed a genuine opportunity to land Nico Paz this summer, with Real Madrid having undergone a significant rethink on the Argentine attacker's future, according to fresh reports.

Paz, currently on loan at Como from the Bernabéu, has been impressing in Serie A and is representing Argentina at the 2026 World Cup. The 21-year-old's contract at the Italian club runs until summer 2028, but Madrid hold a buy-back option worth €9million (£7.75m).

The Spanish giants had previously signalled their intention to activate that clause and integrate Paz into their first-team plans for the 2026/27 season. Chelsea's interest emerged last November as the midfielder continued to flourish in Italy, and the Blues were widely expected to face stiff competition for his signature.

However, the appointment of Jose Mourinho as Madrid's new manager in January 2026 has fundamentally altered the calculus. Whilst the Portuguese boss holds Paz in admiration, he apparently doesn't view the youngster as a natural fit for his tactical setup at Los Blancos.

Real Madrid may still exercise their buy-back clause, but would subsequently demand €60million (£51.7m) to sell him on—a price tag that opens the door for interested parties. Chelsea, Arsenal, and Inter Milan have all been alerted to the changing circumstances, though Tottenham are reportedly showing the keenest interest among Premier League clubs at present.

Xabi Alonso, who departed Madrid for Chelsea in January 2026, could yet oversee Paz's arrival at Stamford Bridge, though competition for the Argentine's services remains fierce.

Como boss Cesc Fabregas has made his position abundantly clear, publicly stating his desire to retain the midfielder. With the Italian club having secured Champions League football for next season, Fabregas declared in late May: "He is a very important player for our growth. We have grown with him, and he with us."

Earlier that month, the former Arsenal and Chelsea midfielder was even more emphatic, saying: "Nico is 50% a Como player, but he is ours. The only club that can say anything is Real Madrid. If I can say one thing, I know it for certain: Nico Paz will not play for Inter. Either he returns to Real Madrid or he plays for Como next year."

Paz's record at Como speaks for itself—19 goals and 17 assists across 75 appearances in all competitions since arriving in summer 2024.