The 21-year-old is currently away with the Spain national team at the World Cup, but that did not prevent the transfer from progressing.
Liverpool's medical team travelled to the US on Wednesday to conduct the necessary assessments after receiving clearance from the Royal Spanish Football Federation for the player to finalise the deal.
The Merseyside club are expected to secure Munoz on a six-year agreement after activating the 34.5 million-pound release clause in his Osasuna contract. The fee will reportedly be settled in two separate payments.
Liverpool's pursuit of the winger has been ongoing for some time, but their determination intensified following the arrival of Andoni Iraola as head coach.
The former La Liga manager is understood to be a strong admirer of Munoz, having followed his development closely through his extensive knowledge of Spanish football.
Newcastle United also made a significant effort to land the attacker, but Liverpool ultimately won the race for his signature. It mirrors the situation from the previous off-season when the Reds beat the Magpies to the acquisition of Hugo Ekitike.
Munoz's rise has been rapid. After joining Barcelona's famed La Masia academy at the age of 11, he switched to Real Madrid's youth system in 2023. His senior La Liga debut arrived in May 2025 when current Chelsea boss Xabi Alonso introduced him as a substitute for Vinicius Junior against Barcelona.
Munoz signed a five-year contract with Osasuna and enjoyed an impressive campaign, making 34 league appearances while contributing six goals and two assists.
Real Madrid have completed the signing of Ibrahima Konate from Liverpool, with the France international joining the Spanish giants on a four-year contract until June 2030.
Liverpool are reportedly pressing ahead with plans for Mohamed Salah's departure at the end of the season, despite recent suggestions from an international team-mate that the Egyptian forward could yet remain at Anfield.
Jarell Quansah has attributed his place in England's 26-man World Cup squad to the difficult decision to part ways with Liverpool to join Bayer 04 Leverkusen last year.
Wataru Endo has withdrawn from Japan's 2026 FIFA World Cup squad due to injury and confirmed he is stepping away from international football, bringing an end to a long national team career.
