Liverpool paid Munoz's £34.6m buy-out clause despite Newcastle having previously agreed a fee with Osasuna, leaving the Magpies needing to move quickly in the winger market.
El Mala, 19, scored 13 goals and contributed five assists for Cologne last season and drew interest from Brighton and Brentford — the latter having a £43m offer accepted by the German club before the deal collapsed when El Mala's mother and representative declined the move, also seeking terms for his older brother Malek.
Newcastle United have now engaged with the Germany Under-21 international, who is noted for his pace, skill and ability to score from distance.
Fernandez-Pardo, 21, is a more versatile option and can operate as a striker or on either wing. He is currently representing Belgium at the 2026 World Cup, having rejoined Lille from Belgian side Gent for around £10m in 2024. Eight of his 12 career goals came last season and Lille are understood to be demanding up to £60m for the Belgian international.
Liverpool are monitoring both players as alternatives should their primary targets — Yan Diomande of RB Leipzig or Bradley Barcola of Paris Saint-Germain — prove unattainable, meaning Newcastle may face renewed competition from Anfield.
Newcastle have also been offered Bayer Leverkusen winger Kerim Alajbegovic but are unlikely to pursue the 18-year-old at this stage.