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Wolves chairman Jeff Shi has blocked Jorgen Strand Larsen from joining Newcastle this summer — with Liverpool awaiting news on potential replacements for Alexander Isak.
Newcastle has already made two bids for Strand Larsen, with the second reaching a total of $74 million (£55 million).
Newcastle sees Strand Larsen as a replacement for Callum Wilson, who was allowed to leave for nothing at the end of the season.
But if it could sign the Norwegian and Yoane Wissa from Brentford, its not-for-sale stance on Isak might soften.
Isak met with Newcastle's owners on Monday and his stance remains that he wants to leave.
Newcastle manager Eddie Howe wants Alexander Isak to stay.
"I'm proud to be recognised by my fellow professionals with a place in the PFA Premier League Team of the Season for 2024/25," Isak wrote in a statement posted on his Instagram story.
"First and foremost, I want to thank my teammates and everyone at Newcastle United who has supported me along the way.
That's where things are for me right now — and why change is in the best interests of everyone, not just myself."
Liverpool.com says: Isak getting his move has long felt like it will depend on Newcastle bringing in replacements