It's still not clear at all which team Nico Paz will play for this season that has just started. At the beginning of August, Tottenham tried to sign him by offering €40 million to Como 1907. However, the offer was rejected as the amount was considered too low, and it also had to be split 50% with Real Madrid in the event of a transfer.
Initially, it seemed Tottenham was going to give up, but everything has changed in recent days. After losing the tough battle for Eberechi Eze to Arsenal, its main rival, from London, the Nico Paz option has been reactivated.

Tottenham, all in
From Italy, Gianluca Di Marzio has delivered a surprise. From the very beginning, Como 1907 has been clear: it is asking for €70 million ($76.5 million) for Paz. Meanwhile, Tottenham seems willing to put that amount, or something similar, on the table for the Italian team.
At 20, the Spanish-Argentine is one of the biggest prospects on the planet. He has a contract in Italy until 2028, although Real Madrid can bring him back every summer. He is a key footballer for Cesc Fàbregas and they don't want to sell him, although an offer of that kind could completely change his future.
At first, Nico Paz doesn't seem very convinced about becoming a "spur," although everything could change with a very good offer.
Florentino will have the final say
In any case, if Como 1907 decided to accept any kind of offer, whether from Tottenham or another club, the final say would belong to Madrid.

Florentino has been aware at all times of Nico Paz's potential and when he left, he included several clauses to keep his future under control. In the event of a sale, Real Madrid would receive 50% of the total operation and, in addition, would have the authority to decide his destination. In other words, it could match the total sum to keep him again as its property.
If Nico Paz ends up staying with the Italian side, the plan from Real Madrid is clear: bring him back in the summer of 2026 for only €9 million ($9.8 million).
After deciding not to pay €8 million ($8.7 million) for him this summer in order not to hinder his development, Florentino Pérez is clear that this won't happen again. If he stays at Como 1907, next season he'll return to Santiago Bernabéu: it's decided.