Newcastle United have reportedly taken a major step towards signing Victor Muñoz, with claims from Spain that the Premier League club already have an agreement in place with the Osasuna winger.
The Magpies have emerged as the strongest contenders for the 21-year-old in recent days, with reports suggesting a deal worth more than €30m (£25.6m) plus bonuses is being discussed.
However, according to local Spanish outlet Diario de Navarra, the biggest complication is no longer convincing the player or negotiating with Osasuna.
It is Real Madrid who remain right in the middle of the story.
Newcastle and player already in agreement
One of the biggest updates from Diario de Navarra is the claim that Victor Muñoz has already agreed a contract with Newcastle running until 2031.
According to the newspaper, the attacker believes Newcastle is the ideal place to continue his career. He feels he will get opportunities there, and his high-intensity style of football is seen as a good fit for the Premier League.
That is good update from earlier reports which suggested there were still some issues in the way. Diario de Navarra instead paints a picture of a player who has effectively chosen his destination.
The report also states that other clubs have contacted Osasuna in recent days. However, nobody has pushed as hard as Newcastle or moved as far down the road towards a deal.
Mourinho doesn’t want him – But Real Madrid still want influence
According to Diario de Navarra, the Spanish giants have already informed those involved that they do not intend to activate the buyback clause they negotiated when selling Muñoz to Osasuna last summer.
That option remains valid until July 31 and would allow Real Madrid to bring him back for around €7.5m (£6.4m).
The newspaper says club officials discussed the possibility with José Mourinho as part of planning for next season. The Portuguese manager reportedly decided Muñoz was not a player he wanted in his squad.
On the surface, that should make Newcastle’s job easier.
The problem is that Real Madrid still do not want to lose all control over a player developed in their academy. The report says the club would be uncomfortable seeing him eventually end up at Barcelona and are therefore trying to secure some kind of protection before waving the deal through.
One possibility would be another buyback clause, although Diario de Navarra admits Newcastle would be highly unlikely to accept that. A right of first refusal is considered a more realistic solution.
Newcastle still haven’t submitted official bid
Despite all the confidence surrounding the move, there is one important detail. Diario de Navarra reports that Osasuna were still waiting for Newcastle’s official written offer as of Monday afternoon.
Talks have been ongoing since last Thursday and many of the key points are already understood. However, the formal paperwork has not yet arrived.
Newcastle have reportedly made it clear they will not pay the full €40m (£34.1m) release clause. Instead, the fixed fee is expected to start above €30m (£25.6m). Bonuses make up the rest of the package.
Once the offer arrives, Osasuna will immediately inform Real Madrid. The Spanish giants will then have 48 hours to formally decide whether they want to activate their buyback option or step aside.
🇮🇹 Davide Bartesaghi | From Italy: Newcastle United initiate contact over potentially signing AC Milan defender https://t.co/VySTlTr4BR #nufc
— Sport Witness (@Sport_Witness) June 16, 2026
Deal could rewrite Osasuna history
There are plenty of moving parts because of the agreement signed when Osasuna bought Muñoz last summer.
The Spanish club paid €5m (£4.3m) for the winger. Real Madrid kept 50% of his economic rights.
That means half of any future transfer fee will head straight to Madrid. On top of that, 5% of the deal must be distributed through FIFA’s solidarity mechanism to clubs involved in the player’s development. That would be Barcelona, Damm, Real Madrid and Osasuna.
Even after those deductions, Osasuna are expected to make more money than they received for Raúl García’s move to Atlético Madrid in 2007. That €13m (£11.1m) transfer remains the club’s record sale.
For Newcastle, though, the most encouraging detail is that Victor Muñoz already appears convinced. The player has a contract proposal until 2031 on the table and believes the move is right for his development. Now is just a matter of waiting for the clubs to finish working through the deal.
