Newcastle United have already made one goalkeeping signing this summer, paying £18.5 million for French Under-21 international Ewen Jaouen from Reims. Aaron Ramsdale has returned to Southampton after his loan expired, and Nick Pope remains available subject to the right offer following a difficult campaign that included a high-profile error in a 3-2 defeat to Everton.
Trafford represents Newcastle's third attempt to sign the 23-year-old in as many summers. Howe's side agreed a £27 million fee with Burnley a year ago, only for Manchester City to activate a matching-rights clause from the deal that originally sent Trafford from their academy to Burnley in 2023, taking him back to the Etihad Stadium.
That return has not gone as Trafford hoped. He returned to Manchester City believing he would be first-choice following Ederson's departure, only for City to sign Gianluigi Donnarumma from Paris Saint-Germain weeks later for £26 million. Trafford made just 17 appearances across the season, including starts in both domestic cup finals as City completed a cup double, but has now made clear to City that he does not wish to spend another season as a back-up.
City have set an asking price of £40 million, with Aston Villa, Chelsea and Tottenham Hotspur also credited with interest.
The Sun reports sources describe a move to Newcastle as viewed "very positively" by Trafford himself, with the player attracted by Howe's project and the prospect of becoming a key figure for club and country.
Despite his limited City minutes, Trafford was selected by Thomas Tuchel in England's World Cup squad and is currently in the United States preparing for the tournament opener against Croatia.
The second half of Newcastle's planned World Cup business involves Muñoz, the Real Madrid academy product who joined Osasuna for €5 million last summer and scored six goals in his debut La Liga season before earning a first Spain call-up. Newcastle have reportedly offered around €35 million plus €5 million in bonuses for the 22-year-old, who would replace Gordon's directness on the flank.
Both deals carry financial complexity. City would want to structure any Trafford sale carefully given UEFA's rules on swap-style transactions between clubs with existing transfer relationships, while Real Madrid retain a buyback clause and sell-on percentage on Muñoz that complicates Newcastle's calculations.
Gordon's £70 million departure to Barcelona has given Newcastle room to be ambitious. Whether ambition translates into two completed deals before deadline day will say much about how seriously Howe's project is now being taken by players who, in Trafford's case, have already turned the club down twice before.