Real Madrid have reportedly decided against triggering their buyback option for Nico Paz.
The 20-year-old was allowed to leave the Santiago Bernabeu last summer after making just eight appearances for the first team.
Paz completed a €6m (£5.1m) move to Serie A side Como, where he impressed under the tutelage of Cesc Fabregas.
The attacker scored six goals and provided nine assists in 35 appearances to help Como achieve a top-half finish in their first Serie A campaign since 2002-03.
As a result of his fine club form, Paz was given the chance to make his Argentina debut in October, before going on to make a couple more appearances for Lionel Scaloni's side.
Real Madrid make Paz decision
In addition to the Argentina boss, Real Madrid also took notice of Paz's encouraging 2024-25 campaign, leading to links over a swift return to the Santiago Bernabeu.
Los Blancos are understood to have a €8m (£6.9m) buyback option, which is active until July 15.
According to journalist Fabrizio Romano, Los Blancos have already decided that they will not activate their buyback clause this summer.
Xabi Alonso's side will allow the highly-rated youngster to stay with Como to continue his development for at least one more season in Serie A.
Can Real Madrid re-sign Paz in the future?
There is a suggestion that the signing of Franco Mastantuono from River Plate has played a role in Real Madrid's decision-making process.
Los Blancos may feel that with the addition of another attacker, Paz would struggle to get regular game time if he returned to the Spanish capital.
Real Madrid also have the safety net of knowing that there are still future buyback options, as per the agreement with Como last summer.
They will have the chance to re-sign Paz for €9m (£7.7m) at the end of the 2025-26 season, or they could wait another year to recruit him for €10m (£8.6m) in the summer of 2027.