Paez has been on-loan with Strasbourg this season and this deal has now been cut short.
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The Ecuador international is now set to join Argentina's River Plate for a six-month loan to the end of the season.
Paez, 18, returns to South America after making 21 Ligue 1 appearances for Strasbourg, who are also owned by Chelsea powerbrokers Todd Boehly and Clearlake Capital.
The teenage attacker joined Chelsea from Independiente del Valle for €20m in 2023.