Real Madrid are reportedly tracking the progress of former academy winger Víctor Munoz at Liverpool, according to José Félix Díaz. The Spanish club have not ruled out bringing the 23-year-old back to the Santiago Bernabeu, with a reported buy-back arrangement from his June 2026 move to Anfield offering a potential route for a reunion. However, Madrid have not made a formal approach, submitted a bid or opened negotiations with Liverpool.
Liverpool have also given no public indication that they are willing to sell the winger, and there is no evidence that Munoz has asked to leave England. He joined the Premier League side in June 2026 after Liverpool paid the €40 million release clause in his Osasuna contract rather than negotiating a lower fee.
That outlay suggests Liverpool view him as part of their plans, though the full terms of his Anfield contract, including its expiry date, are not disclosed in the cited reports.
Progression from Real Madrid to the Premier League
Munoz came through Real Madrid’s youth system and played for the club’s reserve team, Castilla, before leaving for Osasuna in July 2025. During his season at Osasuna, he stepped up to regular senior football and performed well enough to earn a Premier League move a year later.
His pace, direct running and ability to operate across the attack set him apart from players who have only featured in reserve football. Those qualities, along with his top-flight experience and familiarity with Madrid’s development system, give his former club clear reasons to keep following his progress.
The original Osasuna deal and Liverpool’s €40 million transfer
Real Madrid’s potential route to re-signing Munoz stems from the terms agreed when he left Spain’s capital. When Osasuna announced his signing on a five-year contract on 11 July 2025, the club confirmed a €5 million payment for 50 per cent of his economic rights, plus up to €1 million more depending on sporting achievements.
That deal meant Madrid kept half of his economic rights rather than full ownership, alongside a €40 million LaLiga release clause and a buy-back option valid at the end of the following three seasons.
When Liverpool triggered that €40 million release clause in June 2026, the transfer was structured to recognise Madrid’s existing contractual position. Spanish journalist José Félix Díaz reported in AS on 18 June 2026 that Liverpool agreed to let Real Madrid retain a right to buy Munoz back at the end of his first season in England. Accepting that arrangement allowed the transfer to go through despite the rights Madrid had negotiated with Osasuna.
Díaz estimated that Real Madrid received €25.5 million in total from the sequence of transfers. That figure included Osasuna’s initial €5 million payment in 2025, €500,000 linked to sporting conditions and €20 million from Madrid’s 50 per cent share of the €40 million Liverpool fee.
Because the complete contracts have not been made public, the exact payment details and the specific price, conditions and deadlines attached to the Liverpool buy-back clause remain matters of media reporting rather than official confirmation.
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What needs to happen for a return
The reported buy-back right from the Liverpool move is separate from the original three-season option in Munoz’s Osasuna deal, and a contractual clause alone does not make a transfer automatic. Real Madrid would still need to decide that Munoz fits their squad plans, the player would have to be open to returning, and Liverpool would have to handle the terms of the reported agreement.
Until there is confirmed contact or a formal move, a return to the Santiago Bernabeu remains only a possibility that depends on the exact contract terms, Madrid’s attacking plans and Munoz’s development in England.
