Paz produced 19 goal involvements in Serie A to help Como qualify for the Champions League under Cesc Fabregas.
The fleet-footed attacking midfielder played an instrumental role in making history and has now unsurprisingly drawn more speculation over his future.
Real Madrid included a buy-back clause worth €9m (£7.7 million) that expires on May 30 after selling him in 2024, and Como are "doing everything" to keep him for another year.
That is according to Gianluca Di Marzio, who claims that Jose Mourinho wants to "bring him back immediately" once his return to Los Blancos is made official.
Paz is reportedly happy at Como and would like to stay for another year, making the situation complicated as Real hold all the cards in negotiations.
Should they let the 21-year-old stay in Italy, the Spanish giants have another opportunity to sign him for €10m (£8.6m) in 2027.