Liverpool have signed Osasuna winger Victor Munoz for £34.5m and expressed a willingness to finance a package of around £86m [€100m] for RB Leipzig winger Yan Diomande.
Munoz, currently at the World Cup with Spain, underwent a medical with Liverpool in the US and is understood to have signed a six-year contract at Anfield.
Liverpool, who are set to pay the transfer fee in two instalments, are bringing in a versatile and pacey winger who predominantly plays off the left but can also be used on the right and through the middle.
Diomande is one of Liverpool's top targets in the summer window, but sources close to Liverpool claim no formal bid has been made at this stage for the 19-year-old Ivory Coast international.
Liverpool have had a long-term interest in Munoz, which was accelerated by the arrival of new head coach Andoni Iraola, who knows the player well from his extensive knowledge of LaLiga.
Carlo Ancelotti gave the winger his LaLiga debut in May 2025, introducing him as a substitute for Vinicius Junior against Barca.
Munoz signed a five-year deal at Osasuna that summer and played 34 league games last season, scoring six goals and providing two assists.
Newcastle thought they had a deal for Victor Munoz before Liverpool swooped in to sign the Osasuna winger.
Newcastle had a £33.3m fee - an initial £29m plus £4.3m in add-ons - accepted by the LaLiga club.
The 22-year-old had agreed personal terms and told Newcastle that he wanted to come, while agent fees were also agreed.
Newcastle had the wheels in motion for a medical over in the US and felt they had a deal in place.
But they were instructed by the player's representatives to wait over the last 24 hours.
Liverpool had always been at the table for the Spain international, so they did not come in at the last minute, but Newcastle had been told the player wanted to sign for them.
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