Nicknamed "El Conejo" or "El Diente", López started his playing career with Montevideo Wanderers, but was originally rejected after he was deemed not to be physically strong enough to play professionally. He successively joined the Nacionalyouth academy, where he turned into a very prolific striker and, more occasionally, left winger. On 24 April 2011, after being born as part of the first team under head coachJuan Ramón Carrasco, López made his debut at the age of 17 in a league game against Central Español, promptly scoring also his first senior goal. In August 2011, he was involved in a feud with Nacional, after his father revealed the player was in Italy in order to hold talks with a number of unspecified Serie A sides, leading his Uruguayan club and the national federation to consider potential actions to the FIFA against the player. López ended his Nacional career with 3 goals in 6 games in all competitions.
López was acquired by Roma in the January 2012transfer window, and then included in the Primavera under-19 squad for the rest of the season, scoring 15 times in 12 youth games. López was taken into consideration as a first team player by new head coach Zdeněk Zeman, who included him in the senior roster for the pre-season camp and then featured him in a number of friendly games. López made his first team debut on 26 August 2012, replacing captain Francesco Totti in the final minutes of the first game of the Serie A season, a home match versus Catania, and promptly scored an injury time equaliser. He also started the round of 16cup match against Atalanta. Lopez played 7 times, scoring once in his first season in the Roma first team.
On July 19, 2016, Brazilian club Internacional announced that signed with Nico López. Colorado paid €4 million for 50% of Uruguayan footballer's rights.
Tigres UANL
On December 2019, López was transferred to Tigres UANL, the Mexican club paid a $10 million fee.
International career
López has represented Uruguay at Under-20 level, scoring 10 goals in his 16 caps. He played at the 2013 FIFA U-20 World Cup, earning the Silver Ball award after scoring four goals.