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The Gunners have been linked with the Swedish striker for years, even before his £63million move to the Magpies from Real Sociedad in 2022.
Odegaard, who was on loan from Real Madrid, and Isak were team-mates at Sociedad during the 2019/20 season.
The pair struck up a strong relationship on and off the pitch, with Isak even branding Odegaard his “best friend” in the team.
Speaking during their season together, Isak said: “We have a very good contact and thrive well together.
Meanwhile, playmaker Florian Wirtz has arrived in the city to complete his club record move worth up to £116.5m.
Signing Isak, whose Newcastle contract has three years left to run, would be a real statement of intent to the rest of the Premier League.
The man himself, however, has already suggested that he would fit into the Reds’ system under Arne Slot.
Article continues belowMartin Odegaard and Isak struck up a strong relationship in Spain(Image: Offside via Getty Images)
Speaking ahead of the Carabao Cup final between the sides, Isak said: “I really enjoy the games against Liverpool, because I think they're not too different to ourselves, a high-pressing team and a direct team, which can lead to many counter-opportunities, and that's the game I like."
Newcastle, of course, will be desperate to keep their star striker as they prepare for their return to the Champions League.
I've said many times doing a season I just focus on the job, now is probably the worst time to think about anything else.”
Isak has spoken positively about Liverpool(Image: MI News/NurPhoto via Getty Images)
However, Arsenal will hope the prospect of rekindling his relationship with captain Odegaard will sway Isak’s big decision in their favour.
A deal for Benjamin Seskso or Viktor Gyokeres, however, looks much more likely at this stage.
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