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The Gunners’ desperation for a striker has seen them be consistently linked with the Sweden international, having been interested in Isak as far back as January 2022.
Liverpool's need for a top-class centre-forward has also put them in the running for the prolific Newcastle frontman.
RMC Sport reports that French champions Paris Saint-Germain, fresh from eliminating Liverpool in the Champions League this week, are readying a spectacular players-plus-cash deal for the Magpies' goal-machine.
Goncalo Ramos, Randal Kolo Muani and Marco Asensio are all reported to be part of a swap deal being lined up for Isak, who carries a price tag of over £150million.
Kolo Muani and Asensio are surplus to requirements in Paris, having been loaned to Juventus and Aston Villa respectively.
Forward Ramos could also be let go if Isak moves in the opposite direction.
Since his January loan move, Muani has impressed at Juventus, having netted five goals in his first three matches, while Asensio has also made a mark at Villa.
Newcastle would naturally require a replacement for Isak, which could be provided by the potential signings of Kolo Muani and/or Ramos.
Arsenal, on the other hand, lack notable forwards to offer, while Liverpool's underperforming Darwin Nunez and injury-prone Diogo Jota are unlikely to satisfy Eddie Howe's high expectations for a No.9.
The ex-Real Sociedad forward has netted 19 goals in the Premier League alone this season and an impressive total of 22 across all competitions.
His contributions have propelled the Magpies into the race for Champions League qualification and into the Carabao Cup final, taking place at Wembley on Sunday afternoon.
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