The Argentina international left Real Madrid for Como a year ago and enjoyed an outstanding first season in Serie A last term.
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Paz has now signed a new, long-term deal with Como, but the 20 year-old insists the prospect of re-signing for Real Madrid could yet happen in the future.
He told AS: "You never know (about returning). I'm focused on Como, which is where I belong. I'm very happy and excited.
"I have no idea what the future holds, I don't even know what I'll do tomorrow (…) We're forming a good team, with a good coaching staff, in a beautiful city and setting.
"I couldn't ask for more right now."