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.
Sky in Germany are reporting Leipzig want to keep the player and are not prepared to sell to Liverpool or Paris Saint-Germain, who are also interested.
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.
Latest from Your Site News' Keith Downie:
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.
Newcastle are now licking their wounds inflicted by Liverpool again after what happened with Alexander Isak and Hugo Ekitike last summer, and are trying to get to the bottom of what happened in the last 24 hours.
Liverpool wanted to add more flexibility to their forward line this summer and Munoz fits that bill. He has primarily been used off the left but can play on both wings and also has the capacity to play through the middle.
As well as being a multi-functional attacker, Munoz is a direct winger who will add pace to Liverpool's attack which was another priority for the summer window.
Munoz's versatility will provide Iraola with more options and gives Liverpool a greater ability to cope when injuries hit as they did last season as well as enhancing competition for places.
His ability to play in numerous positions is also seen as a positive inside Liverpool because he is unlikely to limit Rio Ngumoha's first-team opportunities.
Federico Chiesa's future was always uncertain heading into the summer window after his opportunities were limited under former head coach Arne Slot.
Iraola wants to give everyone a clean slate and there is a feeling inside Liverpool that the Italy winger is more suited to the Spaniard's style of football than Slot's.
However, the arrival of Munoz combined with the likelihood of another signing in Chiesa's position complicates his chances of playing a bigger role under Iraola after Slot handed him just one Premier League start last season.
The 28-year-old, who has two years left on his deal, has interest from Italy and wants to be a first-team regular. As it stands, it appears that might prove to be tough at Anfield.
