No official confirmation as yet that agreement has been reached between Osasuna and Newcastle United on Victor Munoz but all the signs are that the deal is moving ever closer.
Media in both Spain and England reported at the end of last week that the two clubs had been having talks to finalise a transfer for the Spanish international who turns 23 next month (July 2026).
A number of factors had helped complicate what will hopefully prove to be the second major Newcastle United signing of the summer, following the arrival of Ewen Jaouen from Stade de Reims.
Osasuna sacked manager Alessio Lisci after finishing only one place above the relegation places and his replacement Luis Miguel Ramis only appointed last Wednesday.
There is then also the fact that Real Madrid (who sold Victor Munoz to Osasuna last summer) still own half the rights to the player and so Osasuna will only bank half of whatever Newcastle United will potentially pay for the very pacey winger.
Yet another factor is that Real Madrid have a buy-back clause allowing them to bring back Victor Munoz at a certain price, if the player agreed to sign for them again.
Where things appear to stand now based on a number of recent reports in the Spanish media, is that there is pretty much universal belief that Victor Munoz will join Newcastle United.
In terms of transfer fee, Osasuna had ideally wanted their €40m (approximately £34.6m) valuation met (there is also a release clause figure at that amount for any club (apart from Real Madrid) who wants to buy Victor Munoz). Newcastle United reported to have so far made an offer of more than €30m (approx £26.0m) guaranteed, plus potential future add-on amounts. Agreement doesn’t appear to be far off as the two clubs negotiate, with Juanma Lopez the agent representing Victor Munoz.
With the talks now expected to see a new agreed written offer to be made by Newcastle United and accepted by Osasuna, Spanish media reporting that Real Madrid have given their assent to the imminent deal but have insisted on a new buy-back option that will last one year, that would mean Real Madrid able to buy back Victor Munoz from Newcastle United for a certain amount (not specified by the media) by next summer (2027) at the latest, if Munoz wanted to sign for them.
As you can see from the above, easy to understand why this has not been the most straightforward of transfers to complete for Ross Wilson and Newcastle United.
Victor Munoz was one of the few positives for Osasuna last season, having signed from Real Madrid on 11 July 2025 at the age of 21. He turned 22 two days later and despite his current club’s troubles across the 2025/26 season, the rapid winger proved a big hit and scored six league goals as well as getting two assists.
Such was his form, Victor Munoz forced his way into the Spain squad and made a goalscoring debut in March 2026 as they defeated Serbia 3-0.
Now with two international appearances, Victor Munoz is in the Spanish World Cup squad as they prepare for their group games. Spain playing Cape Verde today (Monday 15 June) in their opening group match.
The diminutive 5ft 8 winger will turn 23 ahead of the new season and is the kind of raw relatively inexperienced and unexposed young talent that Newcastle United are said to be targeting this summer.