Chelsea are targeting Como's Nico Paz in what could become one of the most fiercely contested transfer battles of the summer, with Real Madrid also in the picture, according to Italian outlet Tuttomercatoweb.

The 22-year-old attacking midfielder has been one of Serie A's standout performers over the past two seasons, thriving under the management of former Chelsea midfielder Cesc Fabregas at Como. His form has drawn interest from some of Europe's biggest clubs, and the West London side are reportedly monitoring him closely — having sent officials to observe him both at De Kuip and in Florence in recent weeks.

A buyback clause complicates the picture

Any deal for Paz will not come cheap. Real Madrid retain an exclusive buyback clause worth €80 million, set to be activated in the summer of 2027. Should that window pass without the Spanish giants exercising the option, they would still be entitled to a percentage of any resale fee.

Italian journalist Marco Conterio offered a detailed assessment of the player's development, noting that Paz has traded some of his natural flair for physical maturity. "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," Conterio wrote.

"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," Conterio added. "Real Madrid have an exclusive buyback agreement of €80 million set for the summer of 2027 — if Chelsea want Paz, then they'll have to pay dearly."

Paz stole the show against Manchester United

Paz announced himself on the grandest stage last week when Como dismantled Manchester United in the UEFA Champions League group phase, contributing two goals and an assist in a commanding display.

He ended last season with 12 Serie A goals — a contribution that proved central to Como's historic qualification for the UEFA Champions League for the first time. This term, he has two goals from his opening seven league appearances and is on course for his most productive campaign yet in terms of combined goals and assists.

From Tenerife to Turin via Madrid

Born in Tenerife, Paz honed his craft in the local academy before Real Madrid brought him to the Spanish capital a decade ago. He went on to make nearly 50 appearances for their reserve side alongside a handful of outings in La Liga before making the move to Italy in 2024.

At international level, Paz opted to represent Argentina over Spain and earned a place in Lionel Scaloni's squad for the FIFA World Cup 2026, where he featured twice in the group stage.

At Chelsea, new manager Xabi Alonso has already reshaped the squad this summer, bringing in the likes of Morgan Rogers, Emiliano Martinez, Maxence Lacrois, and Valentin Barco, along with the experience of Jordan Henderson and Danny Welbeck. Adding Paz would signal an even bolder intent under the club's new ownership.