Newcastle United have turned down an opening offer from Liverpool for star striker Alexander Isak, as the Sweden international’s future at St James’ Park remains up in the air.

The Magpies have reportedly placed a £150 million valuation on Isak, with Liverpool’s initial proposal – believed to be around £110 million plus performance-related add-ons – falling significantly short of that figure.

There’s been no official confirmation regarding the exact terms of Liverpool’s bid, but reports suggest that the package was structured with a sizeable upfront payment and additional clauses based on appearances, goals, and team success.

Despite the Reds' intent, Newcastle have made it clear they are not actively looking to sell their leading goalscorer this summer.

The 25-year-old was a surprise omission from Newcastle’s pre-season tour of Asia, officially due to a “minor thigh injury”. However, it is understood Isak himself is now keen to pursue a move away from the club, particularly in light of Liverpool’s interest.

With the Magpies set to compete in this season’s Champions League, Isak’s desire to leave has caused tension behind the scenes. While his teammates prepare for the new campaign in Asia, the striker has instead been spotted training alone at his former club Real Sociedad, fuelling speculation that his time in the North East may be coming to an end.

Alexander Isak has gone from strength to strength since joining Newcastle in 2022 for £60 million from Real Sociedad. Last season, he was the Magpies’ standout performer, finishing as the club’s top scorer with 27 goals in 42 appearances across all competitions.

His mix of pace, technical ability, and clinical finishing has not only made him a fan favourite but also a prime target for clubs across Europe. It now appears Liverpool are ready to test Newcastle’s resolve with an aggressive pursuit of the Swedish international.

New manager Arne Slot has wasted little time in reshaping his squad at Anfield. In what’s been a summer of serious investment, Liverpool have already brought in six new faces:

Those signings have cost the club an estimated £265 million, excluding add-ons – a clear signal of intent as the Reds look to bounce back after falling short of Champions League qualification last term.

The squad revamp has also seen several notable departures. Luis Diaz, Jarell Quansah, Caoimhin Kelleher, and Trent Alexander-Arnold have all moved on, bringing in a combined £115 million.

Yet, despite the recent arrival of Hugo Ekitike in a £69 million deal from Eintracht Frankfurt, Slot remains eager to further bolster his attacking options by landing Isak.

While Newcastle United have reiterated that Isak is not for sale, the situation remains fluid. The club are aware of the player’s desire to explore a new challenge, and with a £150 million price tag now established, they may be open to reconsidering should Liverpool return with an improved offer.

Whether that happens remains to be seen, but Slot is believed to be personally pushing for the signing, viewing Isak as the ideal centre-forward to lead Liverpool’s line in the new era.

The ball is now in Liverpool’s court. With the new Premier League season just weeks away, the Reds must decide whether to increase their offer to meet Newcastle’s valuation or explore alternative targets.

For Isak, the prospect of joining a title-contending side like Liverpool and working under Arne Slot may prove too tempting to ignore.

But unless the Merseyside club return with a substantially improved offer, Newcastle are unlikely to budge – even if their star man’s head has been turned.

As the window enters its final month, this transfer saga is far from over.