The ECHO takes a closer look at Liverpool's stance over Newcastle United striker Alexander Isak
NEWCASTLE UPON TYNE, ENGLAND - MAY 25: Alexander Isak of Newcastle United looks on during the Premier League match between Newcastle United FC and Everton FC at St James' Park on May 25, 2025 in Newcastle upon Tyne, England. (Photo by George Wood/Getty Images)
Alexander Isak, the superb Newcastle United striker, is seen as a 'dream' signing for Liverpool
(Image: George Wood/Getty Images)
Having spent £185m in June alone to see the 2025 summer window become the most expensive of all time at Anfield, Liverpool are now set for a watching brief where the market is concerned. Attention will turn towards outgoing with the likes of Darwin Nunez, Andy Robertson and potentially Harvey Elliott all seeing their futures called into question as things stand.
And with the window itself still more than two months away from closing, there could yet be further rearranging of the deck chairs.
Liverpool are awaiting a formal approach from Serie A champions Napoli after interest in Nunez emerged this month. The Uruguay international had been a target for Saudi Pro League clubs in January and the Reds were contacted by intermediaries working on behalf of teams from the Gulf state only to be rebuffed.
At the time, Arne Slot wanted to keep all hands on deck as the Premier League leaders chased a 20th domestic title. And while Nunez didn't play a starring role in an ultimately successful campaign - he started just league game in 2025, at home to doomed Southampton - the decision to keep him on board was proven correct.
The late cameo at Brentford in January aside, though, Nunez's contributions became less significant, with his last goal coming against Southampton in early March.
Luis Diaz was preferred to lead the line for the majority of the four months that Diogo Jota went without a Premier League start after an upper body injury against Chelsea on October 20.
A parting of the ways feels inevitable and one of the only real mysteries at this stage is how much Napoli are willing to pay and when they will make their move. It's believed the 25-year-old striker would be keen to move to Naples to play under Antonio Conte.
The Serie A champions may be jolted into action once the future of Victor Osimhen is resolved, having seen the Nigeria international spend last season on loan at Galatasaray. The striker, like Nunez, has also been linked with Saudi Pro League clubs.
It's been stressed that the Premier League champions won't necessarily seek to recruit another centre-forward if Nunez's leaves, with his lack of starts last term seen as a reason for why there will be no immediate panic to bring in someone to take his No.9 squad number.
Having conducted the bulk of their transfer work more than a fortnight before the players return for pre-season training, sporting director Richard Hughes and Slot are relaxed about the situation. Any fee for Nunez will top up the transfer kitty, but having landed all three of their first-choice targets this summer in Jeremie Frimpong, Florian Wirtz and Milos Kerkez, a Plan B or C won't be recruited purely for the sake of it up top.
That is how the impending sale of Jarell Quansah is being viewed internally as he closes in on a £35m move to Bayer Leverkusen, which is expected to be wrapped up after England's European Under-21 Championship concludes after Saturday's final with Germany, and the same thinking applies to a Nunez successor.
Which brings us to Alexander Isak, who is widely viewed as the 'dream' capture for Liverpool down the centre of their attack this window.
Newcastle United, having qualified for the Champions League once more, are in no rush to sell last season's top scorer and with three years left to run on his current terms, there is no impending concern of the player running down the clock on his deal at St James' Park.
Eddie Howe is keen to get Isak tied down to new terms following his exemplary performances last season when he scored 23 times to help secure a top-five finish while also firing the Magpies to the Carabao Cup, which was their first domestic trophy in 70 years.
Isak reportedly earns around £130,000 a week, which rises in bonuses around achievements such as European qualification, but Newcastle are aiming to make the former Real Sociedad starlet one of their most well paid alongside Sandro Tonali, Bruno Guimaraes and Anthony Gordon, who all reportedly take home £150,000.
“I’m sure there will be ongoing discussions between Alex, his representatives and the football club," Howe was quoted as saying back in October. “One of the challenges we have with all our best players is to continually drive the club forward. It’s very easy to talk about ambition, but we have to show ambition.
“But also the player has to perform to that level. If he’s saying he has huge ambitions, he has to be actually doing the business on the pitch - it’s a two-way thing, the challenge is always thrown back.”
Eight months on from Howe detailing the plans for talks between Isak's representatives and the Magpies themselves, however, the striker remains tethered to those same terms.
Those sort of figures would not make Liverpool baulk. The Reds' wage bill is second only to Manchester City in the Premier League and at £386.1m in their most recent figures, they have one of the largest in the sport itself.
The ECHO projected in March that Liverpool’s wage bill, with bonus payments around the Premier League title success included, could exceed the £400m mark for 2024/25 for the first time.
That, though, is unlikely to put them off a pursuit for Isak if there is to be any encouragement later this summer and the Premier League champions would have no issues improving the sort of offer that would make the 25-year-old the highest earner on Tyneside.
But the Reds, of course, know full well how long the intricacies of a new contract for a top earner can take, having only signed Mohamed Salah and Virgil van Dijk to new deals in April after months of intense speculation around the pair and Trent Alexander-Arnold, who left this month to join Real Madrid in a £10m deal 30 days before he walked away as a free agent.
Reports in national media this week have informed of Newcastle's frustration to make any headway on their long-standing targets for the summer. An offer for Nottingham Forest's Anthony Elanga was turned down while deals for Brighton's Joao Pedro and Burnley goalkeeper James Trafford have not yet been finalised as we approach the start of July.
The imminent exits of chief executive Darren Eales and sporting director Paul Mitchell at Newcastle, which will be made formal at the end of June, means the manager and his namesake Andy Howe, the Magpies' assistant head of recruitment, are heading up transfer business, but in-roads have yet to really be made on either Elanga and Trafford.
Forest, according to reports this week, rejected a £45m offer for Elanga, with Nuno Espirito Santo keen to retain the former Manchester United winger for the upcoming European campaign. Reports in The Chronicle on Friday, however, have painted a more optimistic picture of the chase for Brazil international Pedro, with the clubs now in advanced talks.
A fee way north of £100m has been bandied about for Isak and while Liverpool might appear reluctant to break that barrier for a second time in quick succession after the club-record £116m deal for Wirtz last week, the impending departure of Quansah at £35m and the potential exit of Nunez could net the Reds the best part of that fee.
There's also the fact Liverpool, prior to this month, had spent around £12m on transfers in two years, with the August 2024 addition of Federico Chiesa from Juventus. During that same period, around £75m has been brought in through sales for Caoimhin Kelleher, Sepp van den Berg, Fabio Carvalho and Alexander-Arnold.
The Reds will continue to keep a watchful eye over the developments in the North East and any encouragement that a deal can be done might bring Hughes and Co. to the table next month, when the Profit and Sustainability Regulations reset. For now though, a waiting game ensues.