Newcastle United have informed Arsenal that Alexander Isak is not for sale.
The Gunners sounded out Newcastle earlier this summer about the Swede and were quoted a fee of £115m.
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However, the Independent says the Gunners have now been informed that Isak isn't for sale after a new enquiry was made in recent days.
Toon boss Eddie Howe has said of Isak: "He's an outstanding talent and no one connected with Newcastle would want to lose him."
Gunners chief Edu is seeking a new centre-forward signing this summer, but is hitting dead ends in his pursuit.