Argentina star Nico Paz will stay at Italian outfit Como for now but Real Madrid retain the right to sign the midfielder, the Spanish club said on Monday.
The 21-year-old, who is currently with his country at the World Cup, came through the ranks at Madrid but has racked up 70 games with Como on loan.
"Real Madrid, Como 1907, and Nico Paz have reached an agreement for the player to remain with the Italian club for the 2026–2027 season," Madrid said.
According to Spanish media, Madrid have received 60 million euros ($68.5 million) for Paz and have priority if they want to buy back the player for the 2027-2028 campaign.
Madrid insisted Paz had asked to remain at Como where he has flourished under the guidance of Spanish coach Cesc Fabregas.
"After many weeks of reflection, I've decided that the best option for my career at this moment is to stay here for another year with the club that gave me the opportunity to grow and become the player I am today," Paz said on Instagram.
"I personally believe that this is the best decision both for me and for Real Madrid.
"As this is a very important year in this stage of my career and a unique opportunity to keep growing as a footballer and to prepare in the best possible way for the future," he added.
Como came fourth in Italy's Serie A last term and will play the Champions League next season.
Paz was born in Spain and is the son of former Argentine international Pablo Paz.
He has played as a substitute once and started another game so far at the World Cup.
Argentina play African surprise packages Cape Verde on July 3 in Miami in the last 32.
Paz replaced Lionel Messi in the 3-0 win over Algeria with Argentina coach as Lionel Scaloni manages the 39-year-old's minutes during their title defence.