Chelsea have enjoyed a promising start to life under Xabi Alonso, with the Blues currently sitting fourth in the English Premier League following their latest victory over Everton.
The Spaniard arrived at Stamford Bridge during the summer with the task of restoring Chelsea to the top of English football after a disappointing campaign that saw the club miss out on European qualification.
His appointment also coincided with a noticeable change in Chelsea’s transfer strategy, with the club moving away from its almost exclusive focus on signing young prospects and placing greater emphasis on established players who could make an immediate impact.
The arrivals of Morgan Rogers, Maxence Lacroix, Jordan Henderson and Danny Welbeck reflected that shift, bringing a combination of Premier League experience, leadership and proven quality to a squad that had previously been criticised for lacking experienced players.
However, Chelsea have not completely abandoned their interest in emerging talent and fresh reports suggest they are now monitoring one of Europe’s most exciting young midfielders.
The potential signing could also create an intriguing transfer battle for Alonso, with his former club Real Madrid retaining a significant advantage in the race for the player’s signature.
According to TuttoMercatoWeb, Chelsea are keeping a close eye on Como attacking midfielder Nico Paz, with club scouts regularly attending his matches.
The 22-year-old Argentina international has established himself as one of Serie A’s most highly regarded young players under Cesc Fabregas, attracting attention from several leading European clubs.
Chelsea representatives have reportedly watched Paz during Como’s recent UEFA Champions League fixture against Feyenoord in Rotterdam as well as their Serie A encounter with Fiorentina.
However, securing his signature would be far from straightforward.
Nico Paz originally emerged through Real Madrid’s academy before joining Como in 2024, with the Spanish giants retaining an option to bring him back to the Santiago Bernabeu.
According to the Italian publication, Los Blancos have an exclusive buy-back clause worth €80million for the summer of 2027, giving them an advantage over other interested clubs.
Chelsea would not benefit from that arrangement and would instead need to negotiate directly with Como, who are expected to demand a considerably higher fee.
TuttoMercatoWeb suggest the Italian club could value Paz at between €100million and €120million, potentially making him one of Chelsea’s most expensive signings.
The situation creates an interesting dynamic for Xabi Alonso, who enjoyed a successful playing career at Real Madrid before later returning to manage the club.
Having now taken charge at Stamford Bridge, the Spaniard could find himself competing with his former employers for a player they helped develop.
There is another Chelsea connection involved, too, with Como managed by former Blues midfielder Cesc Fabregas.
The Spaniard spent five years at Stamford Bridge, winning two Premier League titles and an FA Cup before leaving in 2019.
Cesc Fabregas has played an important role in Paz’s development in Italy, helping the midfielder establish himself at the highest level while Como have continued their rise in European football.
Chelsea’s interest remains at the scouting stage with no formal offer or negotiations reported.
Nevertheless, the situation highlights how Alonso’s arrival has changed Chelsea’s recruitment priorities without completely abandoning the club’s long-term focus on developing young talent.
And should the Blues decide to pursue Nico Paz next summer, Alonso could find himself attempting to persuade one of Real Madrid’s former academy prospects to choose Stamford Bridge over a return to the Bernabeu.
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