Although the 20-year-old was regarded as a top prospect at Real Madrid last season, he has since enhanced his reputation on the domestic and international scene.
The Spanish-born playmaker has been handed his international debut with Argentina, committing his future to the world champions over the country of his birth.
That appearance came on the back of making an instant impression in Serie A with newcomers Como, Paz now playing under the wing of Cesc Fabregas.
A total of one goal and three assists have been contributed from his first seven outings in the division, all of which led to seven points being accumulated against Atalanta BC, Hellas Verona and Parma respectively.
Como currently sit in 14th position in the Serie A standings and there is little to no chance of Paz being sold before the end of 2024-25 as they target survival.
Big clubs lurking...
Nevertheless, with Real Madrid allegedly possessing buy-back clauses for the next three summer transfers, it is seemingly clear that Paz will not represent the Italian minnows in the long term.
According to transfer expert Nicolo Schira, who was commenting on X, Arsenal are one of several clubs who are monitoring the situation.
The report claims that the Gunners have joined Napoli, Juventus and AC Milan in having scouts watch Paz in recent Serie A fixtures.
Schira suggests that Paz has been established as 'a future main target', despite the difficulty that they would face courtesy of Real Madrid's buy-back clause.
Los Blancos were prepared to sell the playmaker for just £5m on the basis that they can re-sign him for between £7.5m and £9.1m in the future.
Paz came through the youth system at Real Madrid before going onto make eight senior outings, his one goal being netted against Napoli in last season's Champions League.
Do rival clubs have any hope?
Much may depend on whether Paz would be in line to earn regular football at Real. Arsenal signing Martin Odegaard from the Spanish giants in the past is an example that will give them hope.
Nevertheless, with Odegaard subsequently going on to become a world-class star, that transaction may lead to Real taking a firmer stance when it comes to cashing in on prospects in the future.
Paz featuring for 17 minutes for Argentina against Bolivia earlier this month is only going to make it more difficult for any outside admirer.