The Reds triggered the £34.5 million fee in his contract at Mallorca, hijacking Newcastle United's move for him in the process.
Munoz had agreed to join the Magpies, but when Liverpool came calling, he performed an instant U-turn and signed a six-year contract at Anfield.
The exciting winger will link up with his new teammates after the World Cup, where he's currently playing for Spain. In the meantime, the Merseyside giants are planning their next moves in the transfer market.
According to Ben Jacobs, Iraola will sign another winger/attacker in addition to Munoz. They remain optimistic about signing Yan Diomande, but RB Leipzig's eye-watering asking price and PSG's interest could complicate a deal.
Koln's Said El Mala, Brighton's Yankuba Minteh and Lille's Matias Fernandez-Pardo are also on the list in case their move for Diomande fails, with Jacobs revealing that pace is the "key criteria".
Bradley Barcola, also admired by Arsenal, is another target on their radar, but the Gunners are lining up a bid for the Frenchman, as the Reds face strong competition.