Liverpool had struck Newcastle swap deal as Alexander Isak situation makes return likely

Liverpool and Newcastle United appear poised to cross paths again in the transfer market, just as they nearly did twelve months ago in a behind-the-scenes negotiation that nearly reshaped both squads.

At that time, both clubs reportedly came remarkably close to executing a high-profile pair of deals that would have seen Anthony Gordon head to Anfield while Joe Gomez moved in the opposite direction.

Though structured as separate transactions for accounting and PSR compliance, the reality was that it had all the hallmarks of a swap deal, with valuations pegged at £75 million for Gordon and £45 million for Gomez.

Reports even suggested that Gordon had explored the logistics of undergoing a medical ahead of a potential move, indicating how far along the discussions had advanced.

In the end, the deal collapsed. Gordon remained a key figure on Tyneside, while Gomez stayed at Liverpool and added another Premier League winners’ medal to his name.

Yet, those aborted negotiations may only have postponed a broader transfer relationship between the two clubs, not closed the door completely.

Now, with another summer window wide open and both clubs seeking reinforcements, the prospect of renewed talks is growing more realistic by the day.

Liverpool, now under the stewardship of Arne Slot, have reportedly set their sights on Newcastle’s prized striker Alexander Isak. The Swede, a focal point of Eddie Howe’s attack, is valued at over £150 million by the Magpies—a staggering figure, but one reflective of his growing reputation and effectiveness in front of goal.

At the same time, Newcastle are believed to be monitoring the situation of Harvey Elliott, a talented young midfielder who may soon look for a way out of Anfield.

Elliott impressed for England’s U21 side during the summer and remains highly rated, but the early indications suggest he may struggle for regular minutes under Slot’s new regime.

If he seeks more consistent playing time, a move to a club like Newcastle—where he could play a significant role—might become an attractive option.

There’s a compelling sense of unfinished business between these two sides. Last summer’s attempt to orchestrate simultaneous high-profile deals suggests a certain level of trust and cooperation between their executive teams. If both clubs find mutual benefit again, there’s every chance those lines of communication could quickly reopen.

However, the constraints of the Premier League’s Profit and Sustainability Rules (PSR) could again play a defining role.

Newcastle have already shown a willingness to make sacrifices to remain compliant. Amanda Staveley, once a visible figure in the club’s ownership group, confirmed she had sold her entire stake in order to help Newcastle stay within financial regulations.

Speaking to The Athletic, she revealed the move was both necessary and difficult. “I knew what was coming in terms of me leaving, but the fans and PIF deserved every focus of mine,” she said. “Had I left before [the PSR deadline] and we’d breached, then that would have been bad. It was very, very difficult, but I was determined to make sure Darren [Eales] has a clear runway.”

Her words reflect the fine margins within which Newcastle must operate. A big-money sale—especially one in the region of £150 million for a player like Isak—could dramatically improve the club’s financial flexibility, allowing them to make new signings while staying on the right side of the league’s regulations.

Given their needs, ambitions, and histories, both clubs may soon find that their interests align once again. Liverpool want to reshape their attack, and Newcastle could benefit from a significant influx of funds or new talent like Elliott.

The groundwork laid last summer might just provide the foundation for a blockbuster move this time around, if both parties feel bold enough to revisit the table and finalize what they once nearly completed.