Rojo came through Estudiantes and established himself in the first team before moving into European football. His connection with the club makes this more than a routine transfer approach: he understands its identity, its supporters and the demands of a Libertadores campaign.
The 36-year-old’s aggressive, front-footed style could also appeal to a side preparing for a high-pressure semi-final. Estudiantes would be seeking leadership and experience as much as defensive depth, particularly against a Flamengo team accustomed to controlling major continental occasions.
The biggest obstacle is reportedly not Rojo’s interest but Racing’s position. As captain and a senior figure, his departure during a difficult period would create a sporting and dressing-room cost.
Estudiantes therefore need two agreements:
That combination leaves the proposal vulnerable to delays. A verbal understanding would not be enough if Racing refuse to release their captain.
Rojo’s return could give Estudiantes a recognised leader for a short, decisive stretch of the season. However, his age means the club would need to judge the move on immediate impact rather than long-term value. His organisation, mentality and familiarity with knockout football may matter more than a prolonged contract.
For now, the next storyline is whether Racing soften their stance. Until that happens, Rojo’s possible return to Estudiantes remains an ambitious negotiation rather than a completed transfer.