According to El Chiringuito journalist José Álvarez, the offer — which reaches the edge of Muñoz's €40 million release clause when bonuses are included — has been submitted directly to Osasuna. A personal offer described as "very enticing" has been placed before the player. Álvarez reported: "The next few days are key to closing the deal."
Muñoz, born in Barcelona on July 13, 2003, came through Real Madrid's academy before Osasuna paid €5 million to sign him permanently in the summer of 2025.
What followed was one of La Liga's more compelling individual debuts — six goals and two assists in 34 appearances for a team that spent large parts of the season fighting to retain their top-flight status, and a first senior call-up to Spain's World Cup squad.
The deal's structural complexity stems from the conditions attached when Muñoz left Real Madrid. Los Blancos retain both a €9 million buyback clause and a 50 per cent sell-on of any profit above the original €5 million fee. Any transfer above that figure — which Newcastle's bid clearly is — triggers a substantial payment back to Madrid.
Crucially, Diario AS reports that Real Madrid have no current intention of activating their buyback option. They will monitor his World Cup performance but have not indicated they would stand in the way of a move to St James' Park. That clears the path for Newcastle United to proceed, though Osasuna must be formally notified of all approaches under the terms of Muñoz's contract.
Muñoz departs as a direct replacement for Anthony Gordon, who joined Barcelona for £70 million earlier in the summer. Manager Eddie Howe wants a winger of pace, directness and the ability to operate across multiple positions in the front line. Muñoz matches the profile.
The World Cup offers him a shop window. Every week Spain progress, his price only goes one way.