Despite breezing into a commanding position in the Premier League title race, Liverpool are expected to rejuvenate their forward line this summer, not least because of the continued uncertainty surrounding the future of Mohamed Salah as he approaches the end of his contract.
Finding a star striker is thought to be high on Arne Slot's agenda this summer and The Times report the Reds are increasingly interested in rivalling Arsenal for Isak's signature at the end of the season.
Isak is under contract with Newcastle until 2028 and talks over an extension are ongoing, but the Magpies' ability to offer European football is thought to be key to their hopes of retaining Isak. Eddie Howe's side currently sit sixth, three points adrift of the top four.
If Newcastle fail to qualify for the Champions League this year, Isak is expected to receive several offers to move to a club who can offer him a spot in Europe's top competition. Arsenal are known to be keen, with The Athletic reporting that manager Mikel Arteta "loves" the Sweden international.
Any deal for Isak is likely to come at a significant cost and Liverpool could raise funds through the sale of Nunez, who came close to a January departure from Anfield before the Reds ultimately felt they did not have the time to replace him late in the window.
Fabrizio Romano notes there is a "strong chance" for Nunez to leave Liverpool this summer, amid continued links to the Saudi Pro League, with talks held over an exit for a player who has netted six goals in 36 appearances across all competitions this season.
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