According to transfer guru Fabrizio Romano, Liverpool have taken the first steps to secure a deal for the 25-year-old but will face competition from Arsenal.
Isak scored Newcastle’s second goal in their 2-1 win over Arne Slot’s side in the Carabao Cup final, ending the club’s 70-year trophy drought.
Eddie Howe’s side are hoping to keep the striker beyond the summer transfer window but may find it difficult to do so and are preparing for ‘massive’ proposals.
Isak, who joined Newcastle from Spanish side Real Sociedad, is two goals off his total for the entirety of last season, bagging 23 and providing five assists in his 33 games across all competitions.
The newly crowned Carabao Cup champions remain in contention for Champions League qualification come the end of the season, sitting in sixth, two points behind fourth-placed Chelsea with a game in hand.