The young striker is the top scorer for the club in recent months, with no Premier League player netting more than him in 2024.
Muniz has scored eight goals in the past eight matches, including a bicycle kick in a 3-3 draw against Sheffield United this past weekend.
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Head coach Marco Silva told The Standard about Muniz: "He signed five years in 2021 and there is an option (for an additional year) in the contract.
"Are we going to do something soon or summer or next season? We have to wait.
We are calm about that situation. It's not going to be situations like contracts that will disturb his run."