Liverpool hijack Newcastle's move for Munoz with Real Madrid buy-back clause included

Liverpool are set to sign Osasuna forward Victor Munoz for £34.7m, with the deal structured to include a buy-back clause retained by Real Madrid — the second consecutive summer the Reds have beaten Newcastle United to a transfer target.

According to reports in Spain, Liverpool will pay Munoz’s release clause in full but have agreed to allow Real Madrid to exercise an unspecified buy-back option in 2027. The arrangement stems from Los Blancos having purchased 50 percent of Munoz’s rights from Osasuna for approximately £4.3m in 2025, along with a separate buy-back clause of their own. Liverpool are understood to have approached José Mourinho’s side to ensure they would not use that clause to re-sign the 22-year-old before the deal could be completed. The fee will ultimately be split between Osasuna and Real Madrid.

Newcastle had been pushing for Munoz but their failure to immediately meet his release clause opened the door for Liverpool to enter the race. It is a scenario that will feel painfully familiar to Eddie Howe’s side. Last summer, Newcastle made an early move for Hugo Ekitike only to see the French forward join Anfield instead. They then lost Alexander Isak to Liverpool on deadline day, and came close to losing defensive target Marc Guehi to the Reds as well — though that deal ultimately collapsed and Guehi joined Manchester City midway through the season.

Munoz would become Liverpool’s second signing of the summer under new head coach Andoni Iraola, who took over from Arne Slot. Defender Jeremy Jacquet arrived from Rennes in a move agreed before Iraola’s appointment was confirmed.

The club has also seen notable departures. Andy Robertson joined Tottenham before the transfer window officially opened, while Real Madrid confirmed on Thursday that Ibrahima Konate will join them for the 2026/27 season after his contract at Anfield expired.

Liverpool are due to discover their Premier League fixture schedule on Friday, with pre-season set to begin in July.