Chelsea Make ‘Official’ Move for €100m Nico Paz — Real Madrid Clause Makes Deal Extremely Complicated

Chelsea have officially taken their first major step toward signing one of Europe’s hottest young midfielders, Nico Paz, but early developments indicate that the deal could quickly evolve into one of the most complicated transfer battles heading into the 2026 market. According to a report from CaughtOffside, the Blues have lodged a formal enquiry for the 21-year-old Como star, signalling their intention to act early before his valuation skyrockets toward the projected €100m mark.

Paz has risen rapidly in Serie A, establishing himself as one of the most technically gifted and tactically intelligent midfielders in Italy. His performances for Como have drawn widespread attention, and Chelsea’s scouting department reportedly views him as a long-term solution for their creative midfield needs. With the club shifting toward younger, dynamic profiles under its new football project, Paz fits the blueprint perfectly.

Despite Chelsea’s early attempt to lead the race, the situation is far from straightforward. Several Premier League clubs are already circling, including Arsenal, who have intensified their pursuit and are actively positioning themselves as the more stable and competitive destination for Paz. Sources suggest Arsenal have made their admiration clear, believing that Paz could become a central figure in Mikel Arteta’s evolving midfield system.

Tottenham Hotspur were also among the early movers, but their initial approach was immediately dismissed. Como have refused to alter their valuation or consider early negotiations, insisting that Paz is not for sale unless a major bid—close to €100m—arrives. Spurs remain interested but have stepped back for now, aware that they may need to return with a stronger, more structured offer.

Italy’s transfer scene is equally fierce, with Inter Milan preparing a major €58m proposal. The Nerazzurri consider Paz a generational midfielder and believe his vision, composure, and technical excellence could transform their midfield for the next decade. Inter also feel they possess a competitive advantage, given Paz’s comfort and steady rise in Serie A.

However, the biggest obstacle in the entire saga comes from a familiar giant—Real Madrid. When Los Blancos sold Paz to Como for just €6m, they inserted multiple clauses that now give them enormous leverage. Madrid retain a staggering 50 percent sell-on clause, as well as two buy-back options: €9m in 2026 and €10m in 2027. These clauses place them in a position to block or heavily influence any transfer attempt from Chelsea, Arsenal, Spurs, or Inter.

Inside Madrid, opinions about Paz have shifted dramatically. His growth in Italy has impressed the club’s hierarchy, and several senior figures reportedly believe that activating the buy-back clause could be a no-brainer. If they choose to do so, no club—Chelsea included—would be able to secure Paz unless Madrid flip him immediately for profit, something they may not be willing to do.

Chelsea’s challenge, therefore, is not simply negotiating with Como. They must also consider Madrid’s contractual power, Premier League competition, Serie A interest, and the player’s own ambitions. This combination of factors makes the transfer one of the most complex the club has pursued in recent years.

While Chelsea have made the first concrete move, the race is only heating up. Paz is aware of the attention around him, and sources close to the midfielder suggest he is keeping his options open. He is ambitious, eager to play at the highest level, and understands that the next step in his career must be carefully chosen.

The involvement of multiple elite clubs across England, Spain, and Italy means this saga will likely stretch well into 2025 and possibly the 2026 window. For Chelsea, acting early may give them an advantage, but the path ahead is anything but simple. Real Madrid’s buy-back options effectively turn the transfer into a chess match before negotiations have even begun.

What is certain is that Nico Paz is now at the centre of a multi-club tug-of-war, and the battle for his signature will only intensify as his value rises. Chelsea may have made the first official move, but securing the deal will require patience, strategy, and overcoming obstacles that no ordinary transfer presents.

The race has officially begun, and the outcome could shape the midfield landscape of European football for years to come.