Liverpool has already committed to potentially breaking the British transfer record for Florian Wirtz this summer if all the add-ons in the deal for the German are hit, but further spending is more than possible.
And in Newcastle United forward Alexander Isak, there is a player whose name just won't go away when it comes to the gossip columns. It goes without saying that Liverpool would be improved by slotting the Swede into its team, but the Magpies continue to insist that he won't be sold — a perfectly reasonable stance.
In March, Newcastle CEO Darren Eales insisted that his side would be "crazy" to sell Isak when speculation began to ramp up. And the 25-year-old is under contract until 2028.
There is no obligation for Newcastle to lose its star man, who carried the majority of its goal threat last season and fired Eddie Howe and his players to both a trophy and the top tier of European soccer.
But while keeping your best players does usually work out for the best, there is a counterargument. And Liverpool has shown in the past exactly what can happen when such deals are reluctantly sanctioned.
When Philippe Coutinho moved to Barcelona for a fee that could have reached $193 million (£142 million) if all the add-ons had been activated, Liverpool lost one of its best players, but there was a net benefit.
That Coutinho exit financed moves for Virgil van Dijk and Alisson Becker, two truly transformational signings that took Liverpool to the next level. Without that sale, those deals might not have been economically feasible.
Alexander Isak in action during the Premier League match between Brighton & Hove Albion FC and Newcastle United FC.
Alexander Isak has been subject of much transfer speculation this summer (Image: Mike Hewitt/Getty Images)
Newcastle, quite simply, needs more depth. But it cannot splash the cash however it likes, as other state-owned clubs have in the past, because of the Premier League rules that stop limitless spending.
In selling Isak for something like double the $87 million (£64 million) that it signed Isak for, Newcastle would unlock some more of the spending power that its owner has — not through sheer financial might, but because of the PSR regulations.
If Newcastle was to sell Isak, it would need to find a replacement for his 23 league goals from last season, and that, clearly, would be very tough. But it would be able to sign three or four quality players to bolster its roster across the board.
Given that the Magpies have qualified for the Champions League, Howe will need squad depth. Last time it made the top four, it crashed out in the group phase and dropped out of UEFA competitions completely through its league finish.
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This time, the main objective, no matter how far it gets in this year's tournament, should be to establish Newcastle as a top-four club, because of the spending power that would unlock. Dipping in and out of the Champions League is no good for long-term transfer planning.
But to compete on both the Premier League and European fronts — potentially with a cup run alongside that after getting a taste of Carabao Cup glory in March — will require a big improvement in the players available.
At center-back, for instance, Newcastle has Sven Botman, Fabian Schar, Dan Burn, and Emil Krafth. That is nowhere near the level required for a Champions League contender.
It has quality in full-back areas, but that required strong investments in Tino Livramento and Lewis Hall — transfers worth around the $50 million mark, the exact kind that selling Isak would facilitate.
Newcastle United forward Alexander Isak.
Newcastle United forward Alexander Isak. (Image: George Wood/Getty Images)
In midfield, beyond the very strong starting three of Sandro Tonali, Bruno Guimaraes and Joelinton, there is little depth. Joe Willock is there, but he had an inconsistent season – and in attack, there are similar problems.
Newcastle cannot count on Jacob Murphy having another season like the last one, while Harvey Barnes and Anthony Gordon are both at their best when playing from the left, making the North East outfit's attacking department look lopsided.
Losing Isak could unlock the cash needed to bring in a different number nine, a wide forward to play from the right, more midfield depth, and an elite center-back.
There are clearly risks attached to cashing in on Isak, but Liverpool has shown that losing one good player — as long as the money is reinvested wisely — can have a net benefit.
While there would have to be an acceptance that it was one step back to take two steps forward, Isak leaving Newcastle could give Howe a long-term boost. It would take a short-term hit in terms of the perception of being a club that keeps its best stars, but it might actually work out in the long run.