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.

Barcelona moved quickly once La Liga wrapped for 2025–26, reaching an agreement with Newcastle United to sign Anthony Gordon. The transfer has immediate consequences for Marcus Rashford, who spent 2025–26 on loan at Barcelona and had been hoping the club would exercise a buy option that was priced below market value.

There has been long-standing hesitance at Barcelona about committing to Rashford permanently. The club instead spent more than double that option on Gordon. Part of the rationale is accounting: amortization spreads the cost of a transfer fee and a player’s salary across the length of a contract, reducing the club’s annual burden.

Barcelona could have spent just $35 million to sign Rashford on a permanent basis, but a higher annual salary and a shorter contract would not necessarily have been materially cheaper overall. The Gordon deal will pay Gordon slightly less than Rashford is believed to have been on during the loan and also spreads the transfer fee over two years more. Rashford was reportedly hoping Barcelona would offer him a five-year contract on less money instead, if it meant lowering the annual expense so he could stay.

Sporting factors also played a part. Gordon, Liverpool-born, produced 12 goal involvements in 12 Champions League appearances this season, compared with eight in 26 Premier League matches. He also scored against Barcelona in the league phase, one of three appearances against the club he will now join. At more than three years younger than Rashford, Gordon offers room to improve and a potential resale in three or four years. By contrast, the draft argues, an investment in Rashford now could be almost completely lost by 2029, with the forward approaching 29.

Barcelona have not formally ruled out signing Rashford and the player is reported to be holding on to hope. One anonymous club official told The Athletic that a deal is now “more complicated” than it was before Gordon happened.

Anthony Gordon looks set to be Barcelona’s headline summer signing after closing in on an €80 million (£69.3 million, $93.2 million) transfer. The move is likely to be completed before he joins England for the 2026 World Cup, with his future “almost certainly” resolved in the coming weeks.

If the transfer goes through Gordon will become just the third Englishman to play for La Blaugrana. Beyond the significance of the switch lies a secondary question that has captured attention: which shirt will he wear at Camp Nou?

Gordon’s squad numbers have changed frequently across his career. He made his Everton debut in 2017–18 as No. 70 before being promoted to No. 42 two seasons later. In 2020–21 he took No. 24 for the first half of the season, then reverted to No. 42 while on loan at Preston North End for the second half of that campaign.

He wore the No. 10 in his final Everton season and has also worn that number since joining Newcastle. In his first season at St James’ Park he adopted the No. 8 jersey while waiting for Allan Saint-Maximin to vacate his preferred number. Internationally, Gordon has been assigned a variety of numbers for England, including No. 18, 17, 11 and 7.

At Barcelona, a few notable options exist. The No. 9 shirt is the most high profile, vacated by Robert Lewandowski when he departs as a free agent this summer. That shirt has been worn by a line of celebrated forwards: Luis Suárez, Zlatan Ibrahimović, Samuel Eto’o and Ronaldo. With Barça targeting a new striker, the club may prefer to leave No. 9 unassigned for the short term.

Other available options include No. 12 and No. 14, both currently free. The No. 14 was worn by Marcus Rashford during his loan spell in Catalonia, leaving Gordon with clear alternatives should he choose not to pursue the No. 9. His history of changing numbers means several outcomes remain possible once the transfer is finalised.