Munoz, who is currently on World Cup duty, completed a medical at Spain’s base in Tennessee and has agreed a six-year contract with the Premier League club.
The 22-year-old will become the first signing for Reds boss Andoni Iraola since he replaced the sacked Arne Slot.
“Liverpool FC have agreed a deal to sign Victor Munoz from Osasuna, subject to a successful work permit application and international clearance,” the club said on their website.
Newcastle were in advanced talks to sign Munoz, after they sold Anthony Gordon to Barcelona, while Manchester United and Bayer Leverkusen were also said to be interested in him.
But Liverpool convinced Munoz, who scored seven goals and produced five assists in 36 appearances last season, to move to Anfield instead after triggering the release clause in his contract.
Munoz is a graduate of Barcelona’s La Masia youth academy and went on to join Real Madrid, where he made just two appearances, before moving to Osasuna in July 2025.
Munoz can play on either flank and will help Iraola fill the huge void left by Mohamed Salah’s close-season departure.
He has two caps for Spain, having made his debut in March, and will link up with his new teammates later this summer once the World Cup is over.
Liverpool are also believed to be interested in teenage forward Yan Diomande, who plays for German club Leipzig and is at the World Cup with Ivory Coast.
French defender Jeremy Jacquet had already agreed to join Liverpool from Rennes in July in a deal negotiated earlier this year.
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