According to ESPN BR, Matías Arezo was loaned from Grêmio to Peñarol in July. The loan was related to a debt Grêmio owes to River Plate-URU because Grêmio was supposed to pass on part of a value received to the club, but this did not happen. Before being loaned, Arezo played 37 matches and scored six goals for Grêmio. At Peñarol, he has 11 goals and four assists in 22 matches.

Matias Arezo is also being targeted by Penarol. Gremio's sporting director, Gutu Peixoto, stated that Arezo has a contract with Gremio and they want to keep him. He mentioned that a transfer would only be possible for a significant amount, higher than what they initially paid for Arezo.

Matias Arezo has acknowledged that Peñarol has shown interest in him during every transfer window since he left the club. He has had discussions with Ignacio Ruglio, the president of Peñarol, and is aware of their interest. However, he mentioned that the decision largely depends on Gremio. Currently with Gremio, Arezo has expressed happiness about Peñarol's interest and noted that while he takes pride in their consistent interest, his main priority is to play regularly. He has been in touch with his agent to assess the best options for his future, highlighting that everything is possible and that the decision ultimately rests with Gremio. Despite the uncertainties, Arezo remains calm and focused on training to be prepared for any outcome.