Long-term targets: Arsenal have been tracking Sweden team-mates Alexander Isak and Viktor Gyokeres for years
Arsenal Football Newsletter
Liverpool are believed to have registered their interest in signing the Newcastle striker in another British record deal that would be worth at least £120million.
Newcastle’s stance is that Isak is not for sale and Arsenal, along with the rest of their title rivals, will be hoping that the Magpies hold firm.
The idea of Liverpool adding Isak to an attack that already boasts £116m signing Florian Wirtz and Mohamed Salah is a daunting prospect for those aiming to dethrone the Premier League champions next season.
For Arsenal, it would be an especially painful sight given their long-term admiration and interest in Isak.
The Gunners first scouted the Swede when he was playing for Real Sociedad and have tracked him during his time at Newcastle.
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Arsenal, however, look set to sign Gyokeres from Sporting this summer instead. Talks are at an advanced stage over a deal worth an initial €63.5m (£54.86m), with a further €10m (£8.64m) in add-ons. Personal terms have already been agreed.
Gyokeres boasts an extraordinary goal record from his time at Sporting and his tally of 39 in the Portuguese top-flight last season was more than any other player managed in Europe’s top 10 leagues.
There are question marks about whether such prolific form can translate to the Premier League, though, and that is a key factor behind the pressure he will face.
The 27-year-old will also have to cope with the fact that Arsenal have been crying out for a new striker for the best part of 18 months now. Whoever came in was always going to be in the spotlight.
Gyokeres’ temperament would suggest that he can handle that, but Isak leading the line at Liverpool would add an uncomfortable subplot to Arsenal’s season.
It would also bring added scrutiny on Arsenal. On paper, their business has been largely impressive this summer, but Isak moving to Liverpool would cause a stir.
The debate would centre around whether the Gunners were better to spread their transfer budget around, or consolidate their resources on a marquee signing. Only time will tell which strategy was best.
Arsenal could point to the financials of a deal for Isak being prohibitive, and also the timing of it, too.
The Gunners are hoping to be in a position where they will have signed six first-team players before they fly to Singapore for their pre-season tour on Saturday.
Such a scenario may not have been possible had they delayed their business in the hope of landing Isak. In that case, not only would Arsenal be without their top target, but other deals may have been compromised as well.
The club has been burned in the past by chasing targets and failing to get deals done. Only last summer, Arsenal were forced to sign Bournemouth goalkeeper Neto and Chelsea winger Raheem Sterling on loan with just hours to spare on deadline day.
The fear would be history repeating itself with Isak, not least because Newcastle have been strong in their stance that he is not for sale.
The next few weeks will test how firm that resolve is, and if Arsenal were right to spend their money elsewhere.