Varane is now a member of Como's board and is well aware of Real Madrid's plans to trigger a buy-back clause in Paz's deal. The Argentina midfielder was sold by Real two years ago to the Serie A surprise packet.
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Varane told Il Corriere della Sera: "I would tell him to stay where he feels happiest.
"But unfortunately, neither he nor we have any particular say in the matter; everything depends on Real Madrid's wishes."
Asked if he'd be happier seeing Como win the Coppa Italia this season or qualify for the Champions League, the Frenchman added: "I'd choose both!"