Arsenal is closely monitoring Argentine midfielder Nico Paz, currently playing for Como in Serie A, with a potential January transfer in mind. However, Real Madrid poses a significant obstacle due to a buy-back clause. Paz, 22, has excelled since joining Como from Real Madrid in 2024. Real Madrid initially had a £9 million buy-back option but did not activate it, leading Como to pay £51.5 million for full control. Real Madrid then secured a new buy-back clause worth approximately £68.7 million, activatable in summer 2027. This gives Real Madrid considerable control over Paz's future, as they could re-sign him before any move to another club. Paz himself preferred to stay at Como, where he has thrived under coach Cesc Fabregas, scoring 12 goals and providing 6 assists in 35 Serie A appearances last season. Arsenal's pursuit hinges entirely on Real Madrid's decision regarding their option.