Paz transferred to Como last summer for approximately 6 million euros and has become one of the top young players in the Italian league under coach Cesc Fabregas.
During the season, Paz played a crucial role for Como, helping the newly promoted team finish 10th in Serie A and scoring six goals while providing eight assists.
Real Madrid's incoming manager Xabi Alonso is reportedly a fan of Paz and wants to bring in more young players to strengthen the team's squad.