Paz, son of former Argentina international Pablo, was born and raised on the island of Tenerife, but joined Madrid's youth ranks in 2016 and spent seven years in their academy system before breaking into the first team.
The midfielder made eight senior appearances for Madrid last season before being sold to Serie A newcomers Como towards the end of the summer transfer window for €6m.
According to AS, Madrid retain a sizeable 50% sell-on clause and have been impressed by Paz's performances in Italy thus far.
The 20-year-old most recently played a starring role in their first win of the Serie A campaign - a mightily impressive 3-2 victory away at Europa League winners Atalanta.
There have been suggestions that Madrid could bring Paz home to the Santiago Bernabeu - they do also have the option to buy him back at first refusal should they see fit - but this report from AS focuses on the prospect of Como selling to another Italian side, with Los Blancos receiving half the transfer fee.
Como, who are managed by former Spain international Cesc Fabregas, sit 15th in Serie A after five rounds of fixtures. They have, however, been dealt a hammer blow already this season following Raphael Varane's decision to retire only two months after joining on a free transfer from Manchester United.
Paz has contributed two assists in his four games for Como.
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