According to Diario AS, the Bernabéu club is clear on one point above all others: Muñoz will not be allowed to join Barcelona. The links between the winger and the Catalan club have grown in recent weeks, but Real Madrid have the contractual tools to prevent it from happening.
When Muñoz joined Osasuna last summer from Real Madrid's reserve setup for around €5 million, the deal gave Los Blancos a buy-back option valued at €8 million this summer, rising to €9 million in 2027 and €10 million in 2028. They also hold a right of first refusal and retain 50% of his economic rights in any future transfer.
That structure means any club hoping to sign Muñoz must first get past Real Madrid. If Barcelona were to approach Osasuna directly and agree a fee, Real Madrid would immediately exercise their buy-back to block the move. It is the same mechanism the club uses across a range of La Fábrica graduates including Nico Paz and others.
The change of agency that sparked fresh speculation — Muñoz recently signed with Niagara Sports, who also represent Joan García and Dani Olmo — has been firmly dismissed as a Barcelona signal by those close to the player. AS reports the move had nothing to do with a planned transfer to the Blaugrana and everything to do with the player's desire to change representation.
The interest in Muñoz extends well beyond Spain. Premier League and Serie A clubs have already made enquiries about a player whose release clause stands at €40 million — though any buyer activating that clause would hand Real Madrid €20 million directly.
On the pitch, Muñoz has more than justified the attention. He has five goals and three assists in all La Liga matches this season, scored on his Spain debut against Serbia, and is now aiming for a place in the World Cup squad this summer.
Real Madrid have not yet decided whether to exercise the buy-back. But they have already decided one thing — Barcelona will not be the destination.