The young attacker has been outstanding for Osasuna this season, with former club Real Madrid holding a clause allowing then to take him back this summer.
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However, Vazquez is confident Real won't seek to buy back Munoz just to sell for a profit.
He insisted: "Real Madrid is a classy club and won't buy the player to then resell him. They have a buy-back clause for several years, and if they exercise it, it's for the first team, but Real Madrid is a classy club.
"We own 50% of the player, the same arrangement Madrid has with Nico Paz (at Como). If Madrid buys him, they can't transfer him for 16 weeks. They won't pull that stunt, and they won't make money off him.
"The player has had offers recently, but he hasn't wanted to leave."