Newcastle United have moved to formalise interest in Osasuna winger Víctor Muñoz, a transfer that would deliver a significant payout to Real Madrid.

Reports indicate Newcastle submitted an official bid as negotiations between the clubs increased. The Premier League side is reportedly “confident” of securing Muñoz for a package above $34.5 million (€30 million), while Spanish outlets suggest the overall cost could reach $46 million (€40 million) including add-ons.

Muñoz joined Osasuna under terms that protect Real Madrid financially. The contract included a three-year buy-back clause and a provision that awards Real Madrid 50% of any future transfer fee. That structure mirrors recent arrangements for Real Madrid Castilla graduates, including Nico Paz and Jacobo Ramón.

Technically Real Madrid retain the option to exercise the buy-back clause and prevent a move to Newcastle, but AS report the club does not intend to bring the 22-year-old back before the 2026/27 season. With no plan to re-sign Muñoz, Los Blancos stand to convert the clause into cash. If the transfer remains around €30 million Real Madrid would receive $20.1 million (€17.5 million). If the deal reaches €40 million the figure rises to $23 million (€20 million).

The potential windfall comes as Real Madrid continue to pursue a major summer signing. Club president Florentino Pérez has pledged to add a Galáctico, and the club’s outgoings this window have been limited. Only David Alaba and Dani Carvajal have officially left the Bernabéu, both departing as free agents.

There is also possible movement elsewhere in the squad. Striker Gonzalo García, under contract until 2030, has attracted interest from several European suitors with Como mentioned prominently. Now that Endrick has returned to the Spanish capital following a successful loan stint with Lyon, Gonzalo’s minutes will likely be few and far between next season. That situation could make a sale with a buy-back clause an appealing option for all parties.

Manchester City have tabled a proposal for Elliot Anderson that begins with $141.7 million (£106 million) guaranteed and can rise, with conditional add-ons, to more than $160.4 million (£120 million). Fabrizio Romano and David Ornstein both reported the offer on Wednesday. City see Anderson as a player whose all-round qualities would strengthen their squad beyond the Pep Guardiola era, while Manchester United also remain interested.

Nottingham Forest have not accepted the bid and are thought to be seeking higher guaranteed funds. Ornstein points to the 2025 transfer of Alexander Isak from Newcastle United to Liverpool as a precedent: that move reportedly involved $167.1 million guaranteed, plus negligible add-ons. Forest appear to believe Anderson is worth at least that level. Eclipsing the Isak fee would set a new Premier League record for guaranteed money.

Players are only worth what another team is willing to pay for them. Clearly, Manchester City are already very close to matching Nottingham Forest’s valuation of Anderson and don’t consider $160 million too much, with the breakdown of guaranteed money and add-ons the main sticking point.

Forest are in a robust negotiating position. Anderson is 23, under contract for three more years and not facing imminent free agency. His recent form, including influential displays against both Manchester clubs, and his perceived high ceiling strengthen Forest’s case. From their perspective, the choice is straightforward: accept a figure that would be transformative for the squad or retain a young player who can continue to develop for at least another season.

Comparisons to other high-value Premier League transfers help explain Forest’s demands. Declan Rice’s move to Arsenal and transfers such as Enzo Fernández and Moisés Caicedo are cited as part of the market context, while Isak provides the most direct precedent for guaranteed money.

What seems extraordinary today may look different in a few years. Anderson, who turns 24 in November, could remain at his next club for a decade, which is part of why clubs are prepared to consider such sizeable fees.

Arsenal arrive at the summer window determined not to rest after a season that ended in heartbreak. Mikel Arteta’s project enters its seventh year and the club will be watching the World Cup closely as they prepare for 2026/27.

Arteta values defensive versatility. That helps explain the interest in Newcastle United’s Tino Livramento. The Magpies are described as being in a selling mood as they reset under Eddie Howe. Livramento is an impressive athlete and is comfortable down both flanks. Group stage matches: Croatia (June 17), Ghana (June 23), Panama (June 27).

Speed and attacking threat from the fullback position are traits Arsenal prize. German international Nathaniel Brown has risen in prominence over the past 18 months and made his national-team debut last October. He is primarily a left-back who combines security in the build-up with genuine pace. Bayern Munich and Manchester City are also thought to be in the hunt. Group stage matches: Curaçao (June 14), Ivory Coast (June 20), Ecuador (June 25).

Maxi Araújo caught Arsenal’s eye during the Champions League quarterfinals against Sporting CP. The Uruguayan left-back likes to maraud upfield and make an impact in the final third. He is an energetic presence Marcelo Bielsa will count on in North America. Group stage matches: Saudi Arabia (June 15), Cabo Verde (June 21), Spain (June 26).

Midfield creativity and young potential are on the list. Lille’s Ayyoub Bouaddi has emerged as a sought-after teenage prospect. Arsenal have reportedly been rebuffed before the tournament, and his stock is likely to rise. Group stage matches: Brazil (June 23), Scotland (June 19), Haiti (June 24).

England and Aston Villa’s Morgan Rogers is described as a priority target as Arsenal look to boost their creative options following last season’s title. Group stage matches: Croatia (June 17), Ghana (June 23), Panama (June 27).

Other names to monitor include Bradley Barcola, a PSG forward who has been part of Luis Enrique’s attacking quartet, Marcus Rashford, whose Barcelona loan situation left him potentially available, and Belgian Mika Godts, whose breakthrough with Ajax has attracted attention. Group stage matches: Bradley Barcola: Senegal (June 16), Iraq (June 22), Norway (June 26). Mika Godts: Egypt (June 15), Iran (June 21), New Zealand (June 27).

Arsenal’s recruitment will be measured but ambitious as the club looks to add players capable of taking them further in the coming season.