Can Arsenal still agree Alexander Isak transfer after Viktor Gyokeres amid Newcastle bombshell?

Do you want the short answer or the long answer? Okay, the short answer is: no. Arsenal will likely not be able to sign Alexander Isak after their agreement to sign Viktor Gyokeres. But not because the club would not want to.

The longer answer takes into account several different factors which had this scenario emerged earlier on in the window, we might be looking at a different Swede wearing the red and white of north London. This has all emerged following the Daily Mail's report that Newcastle's talismanic striker has made it known to the Magpies that he would like to seek a transfer away from the club this summer.

His timing could not be worse, as arguably his two biggest suitors, Arsenal and Liverpool, have just spent big money on players, assuming that a move for the Swede was off the table. The Reds have committed close to £80million on Hugo Ekitike, which takes their summer spending to nearly £300million – a move for Isak would likely it beyond £400million.

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However, it's worth noting Liverpool could yet sell Darwin Nunez, Luis Diaz and Harvey Elliot, having already sold Jarell Quansah. Significant funds could enable them to make the £150million move, which the report claims is what would accelerate talks with Newcastle, to get it done.

For Arsenal, they are not yet done in the market; their primary target between now and its conclusion remains Eberechi Eze, football.london understands. The Crystal Palace attacker has a release clause of £67.5million.

The problem is, a deal for a player whose price is expected to be half of that of Isak’s is not straightforward for the Gunners. The belief is that they need now to focus on outgoings before committing to a late move in the market for Eze.

The player is very keen on the move but, just like Ollie Watkins, needs Arsenal to stump up the money. Mikel Arteta and the club would like to sign Eze, but need to be able to work comfortably within UEFA Financial Fair Play regulations.

Many might ask how Liverpool are able to do so and comply and the reasoning is simple. Their double Premier League victories and Champions League trophy over the past six years alongside shrewd spending and solid selling gives them such freedom.

They managed to win the league last season without spending much at all. In fact, only one addition in Federico Chiesa was made with other spending delayed. They spent very little between 2019 and 2021 despite their success on the field too, less than £200million - and that came after selling Philippe Coutinho to Barcelona for an initial £105million (rising to a potential £142million) in January 2018.

Arsenal, on the other hand, have been spending comparatively with Liverpool, but their sales have simply not matched up. Only in 2024 did they manage to bring in serious funds to help offset the spending of previous years that had dwarfed their incoming from player sales.

It would be a true shock for Arsenal to move now for Isak, especially after signing a striker in Gyokeres. Liverpool, on the other hand, even after their deals this summer have a move well within their means.