The 25-year-old joined the Magpies from Real Sociedad for a club-record £63m in the summer of 2022 and has since established himself as a star player under Howe.
Isak has scored 36 goals in 74 appearances for Newcastle across all competitions, including a team-high 21 strikes in 30 Premier League matches last season.
The Sweden international has only scored one goal for the Magpies so far this term, but that has not stopped the rumour mill from linking the striker with a big-money exit from St James' Park.
Mikel Arteta's Arsenal were regularly linked with Isak in the summer, while London rivals Chelsea - who are known to be on the lookout for a new striker - have also been credited with an interest.
Meanwhile, a recent report claims that La Liga leaders Barcelona have identified Isak as a possible alternative to their primary target Erling Haaland of Manchester City.
Have Arsenal, Chelsea, Barcelona received Isak transfer boost?
Howe addresses Isak's "complex" contract situation
Although Isak has a long-term contract with Newcastle until June 2028, a report from i news claims that the Magpies intend to step up talks with the £100m-rated striker over a new deal.
It is claimed that the Swede would also be keen to follow in the footsteps of teammate Anthony Gordon by putting pen to payer on a new long-term deal at the club.
However, Howe has revealed that an agreement is far from imminent and has suggested that the club's financial predicament could have an impact during negotiations.
Asked about Isak's contract situation at a press conference on Friday ahead of Newcastle's Premier League clash with Chelsea on Sunday, Howe said: "A slightly more complex situation.
"Regarding contracts, I'm not involved in those discussions day to day. I will hear bits and pieces but Alex has a long contract at the football club anyway and we have to be careful regarding our spending due to PSR (Profit and Sustainability Rules).
"It's not a clear-cut situation, we of course love him and we hope he can stay at Newcastle for many years and score a load of goals for us. I don't see a short-term issue with his contract."
Have Arsenal, Chelsea, Barcelona received Isak transfer boost?
Howe added: "Absolutely, there will be ongoing talks like I've said, but Alex can only help his situation by playing well.
"Every decision we make as a football club has a knock-on effect. For contract renewals, there is a knock-on effect for PSR and we have to make sure we don't put ourselves in a position where we can't act freely in the transfer windows because of what we have done with individual player contracts."
Should Newcastle be concerned by Isak's contract situation?
As things stand, Newcastle are seemingly under no immediate pressure to part ways with one of their star players such as Isak, who still possesses a long-term contract at the club.
The Magpies boosted their financial resources in the summer following the sales of Yankuba Minteh and Elliot Anderson, selling both players for in excess of £65m before the PSR deadline on 30 June to avoid breaking the rules.
Isak currently seems happy at Newcastle and remains a key player under Howe, so unless a high-profile club comes forward with an offer too good to turn down - presumably one worth at least £100m - then the striker looks set to remain at St James' Park for a little while longer.
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