Liverpool have completed the signing of Osasuna winger Victor Munoz for £34.5m, beating Newcastle United to a deal that appeared all but done for the north-east club.

A repeat of last summer

Newcastle had a £33.3m fee — an initial £29m plus £4.3m in add-ons — accepted by the LaLiga side. The 22-year-old had agreed personal terms, indicated he was keen to join Newcastle, and a medical in the United States was being arranged.

But in the final 24 hours, Munoz's representatives instructed Newcastle to wait — and Liverpool moved ahead to trigger the player's release clause and reach an agreement with Osasuna. The fee is set to be paid in two instalments.

It is a scenario Newcastle have now lived through before: Liverpool also intervened to sign both Alexander Isak and Hugo Ekitike from under their noses last summer. The club are said to be trying to understand exactly what transpired in the closing stages of the deal.

Munoz's background and what he brings

Born into Spanish football's elite system, Munoz entered Barcelona's La Masia academy at the age of 11 before joining Real Madrid's youth setup in 2023. Carlo Ancelotti handed him his LaLiga debut in May 2025 as a substitute for Vinicius Junior in a Clásico against Barca.

He joined Osasuna the following summer on a five-year contract and made 34 league appearances last season, contributing six goals and two assists. Munoz is at the FIFA World Cup 2026 with Spain and completed his Liverpool medical in the US. He is expected to sign a six-year deal at Anfield.

A versatile and direct attacker, Munoz operates primarily from the left flank but is capable of playing on the right and through the middle — a profile that suited Liverpool's stated goal of adding flexibility to their forward line this summer.

Iraola's influence and squad implications

Liverpool's interest in Munoz predates the summer window, but it accelerated with the appointment of new head coach Andoni Iraola, who has an extensive knowledge of LaLiga and knows the player well.

Iraola wants to build competition for places across his squad, and Munoz's arrival is seen internally as unlikely to restrict Rio Ngumoha's path to first-team football given the Spaniard's positional flexibility.

The signing also complicates the outlook for Federico Chiesa, who made just one Premier League start under former head coach Arne Slot last season. There is a belief within Liverpool that the Italy winger is better suited to Iraola's style, but the arrival of Munoz — combined with the likelihood of at least one further wide signing — leaves the 28-year-old facing stiff competition. Chiesa, who has two years remaining on his contract, has attracted interest from Italy and is thought to want regular first-team football.

Yan Diomande pursuit continues

Liverpool had always planned to bring in more than one winger this summer as part of a wider effort to replace Mohamed Salah, and Munoz's arrival does not close the door on their pursuit of RB Leipzig's Yan Diomande. The 19-year-old Ivory Coast international remains their primary wide target, though RB Leipzig are demanding in excess of £86m and are working to tie the player to a new contract — making a deal extremely difficult to complete.