Portsmouth’s Gustavo Caballero situation is becoming increasingly complicated, and the timing is unlikely to please the Championship club.
The Paraguayan winger joined Portsmouth on loan from Santos earlier this year. Since then, several developments have pushed his value in one direction: upwards.
The 24-year-old has since made 12 Championship appearances, scoring once. He has largely operated from the left wing despite arriving as a right-sided attacker. Then came recognition from Paraguay.
Caballero recently spoke positively about life in England, describing the Championship as intense and highly competitive.
Shortly afterwards, Paraguay manager Gustavo Alfaro publicly praised the winger, revealing he had wanted to call him up even before his move to Santos. Alfaro later described Caballero as one of the players currently taking an important “European step”.
That praise has now translated into something much bigger.
World Cup call-up changes picture
Gustavo Caballero has officially been included in Paraguay’s squad for the 2026 World Cup.
The call-up represents the biggest moment of his career so far and creates a fresh challenge for Portsmouth.
As covered previously, the English club recently allowed their exclusive purchase option to expire. Under the original agreement, Portsmouth had a protected route towards a permanent transfer worth around £4.25m (€5m).
Instead, they now find themselves trying to negotiate from a much weaker position.
According to reports from RTI Esporte in Brazil, Santos are closely monitoring the situation and believe the World Cup could significantly increase Caballero’s market value.
The Brazilian club do not appear to be rushing towards a decision on his future. While a return to Santos has not been ruled out completely, the expectation remains that the winger could become the subject of fresh transfer interest after the tournament.
Santos waiting as market heats up
That creates an obvious concern for Portsmouth. Reports from South America have already suggested that other Championship clubs and sides in Scotland are monitoring Caballero’s situation following the expiry of Portsmouth’s exclusive clause.
Now comes the World Cup factor. Even limited involvement for Paraguay would place Caballero in a shop window far bigger than anything available in the Championship.
Santos are reportedly aware of that and are prepared to assess the market once the tournament is over.
The club bought 50% of Caballero’s rights from Nacional for around £1.2m (€1.6m) in 2025. A successful World Cup campaign would strengthen their chances of securing a substantial profit.
So Portsmouth had a fixed-price route to a permanent deal. That protection has gone. Now they must watch their player head to the World Cup while hoping his value does not rise faster than their ability to bring him back permanently.
