are reportedly unwilling to let star man leave for less than £83million this summer, amid interest from and .
The Gunners have been left threadbare up front, with with a hamstring tear. He joins Gabriel Jesus, and Gabriel Martinelli on the treatment table.
Arsenal's interest in Isak, who starred in both semi-final legs against the Gunners, is well-established and said to date back to his time in .
But they may face serious competition from Barcelona, with Spanish outlet claiming that Hansi Flick's side have already made contact with Isak's representatives regarding a summer transfer and told of Newcastle's asking price.
Informally, Isak is open to heading back to Spain, having played for Real Sociedad before heading to St James' Park in a club-record £63m move.
Contact was initiated from Barcelona to Isak's entourage at the end of 2024 and no further discussions have taken place, as they assess their options ahead of a potential summer swoop.
Barcelona would likely need to sell a star player to finance a potential nine-figure transfer.
Arsenal are said to have more financial muscle to appease both Newcastle and Isak's demands, though the player won't make a decision on his future until the Magpies' European fate for next season is confirmed.
"We absolutely want to keep Alex at the football club," Newcastle boss said last month. "There's no part of me, or anybody at Newcastle, that wants to let Alex go.
"He's very much part of our long-term plans. Personally, I don't see that being an issue. I don't think necessarily at this stage that we have to [motivate him to stay]."
Nonetheless, Isak will want to prove himself in the again and Newcastle are currently outside of those places, even with the likely to be awarded five spots next season.
Isak remains at the 'top of the list' for Barcelona but if they are beaten to a deal by Arsenal, are likely to turn their attention to Luis Diaz or another Gunners target - Benjamin Sesko.
Diaz has been a long-term target, and with his contract at Anfield expiring in 2027, Liverpool will be pressured to cash in if he doesn't pen fresh terms in the next 12 months.
Sesko's agents, meanwhile, were spotted in Barcelona this week and sporting director Deco is one of the Slovenian's many admirers.
Robert Lewandowski is likely to continue at the Nou Camp for at least another season, however, casting doubt on whether a 'pure nine' such as Sesko makes financial sense, as opposed to Isak or Diaz who could play alongside the veteran forward.