The Magpies lost star man Anthony Gordon to Barcelona this summer, and are looking to Spain to replace him. Reports have suggested that Eddie Howe's side want to lure in Osasuna winger Muñoz to fill the gap.
The 22-year-old left-winger joined Osasuna from Real Madrid for the last season, in a move which included an €8million (£6.9m) buy-back clause.
There is no suggestion Real are going to trigger that clause, though, which will be good news for Newcastle, as they up their interest.
Indeed, Romano reports an official bid has been sent to Osasuna for Muñoz after his seven-goal, five-assist debut season, and negotiations are ongoing with both the club and the player.
While Romano himself does not mention a fee, reports elsewhere have suggested that Osasuna want €40million (£34.5m) if they are to see their winger leave.
Muñoz has played just twice for Spain's national team, but scored on debut, and has been included in their World Cup squad, so there's a chance his value rises beyond what it's already set at.
Successful performance could give Newcastle more competition than they already have from rivals Sunderland, who are believed to be keen on Muñoz.
Muñoz hailed by Spanish insider
Spanish football expert Ruairidh Barlow has explained the talent of the Spanish winger, and what Newcastle could be getting from him were they to sign him.
He said: "He has blistering pace, that's the first and foremost thing about Victor Munoz. I think if you're an opposition manager that's the first thing you will think of - how do I deal with him? How do I legislate for trying to stop him getting into space and getting a run at my defenders?
"He made his senior debut for Real Madrid [in 2025] and the first thing that he did was break through the Barcelona defence. He did miss his big chance in El Clasico but it was a sign of things to come because last season he moved to Osasuna, he's had a very impressive campaign and he's an agile, fast winger who usually plays out wide but has been playing through the middle at times as well.
"He's been a problem for most defences that he's faced. Ultimately he's been one of the revelations for the La Liga season overall. He's obviously made it into the Spain squad both in the March international break and now for the World Cup which shows you that he's a player that brings something different.
"He's a player that I think there's no easy way to stop him and his one-on-one ability is really what has made him stand out."
