The Sweden international joined the Magpies from Real Sociedad for a club-record £63m in the summer of 2022 and has since established himself as a star player under manager Eddie Howe.
Isak has scored 40 goals in 78 appearances for Newcastle across all competitions, including a team-high 21 strikes in 30 Premier League games last season.
The 25-year-old has chipped in with five goals and two assists in 11 matches so far this term, scoring four goals and setting up one more across his last four appearances.
Isak is widely regarded as one of the best strikers in Europe and has subsequently been linked with several top clubs including Arsenal, Chelsea and Barcelona.
Could Isak swap Newcastle for Arsenal?
Isak is under contract at St James' Park until the summer of 2028, but Howe recently admitted that the striker's contract situation was a "complex" one as the Magpies allegedly seek to tie him down to fresh terms.
A report from the Daily Mail at the end of last month claimed that Newcastle are yet to enter contract talks with Isak and there are no plans to enter negotiations with over three years still left to run on his current deal, putting clubs such as Arsenal on red alert.
The Gunners have been tipped to splash the cash on a new centre-forward which is viewed by many as the missing piece to Mikel Arteta's puzzle as he bids to steer the club to their first Premier League title in over two decades.
Arteta issued a blunt response to speculation about a potential move for Isak to Arsenal earlier this month, and the Newcastle star has since addressed the rumours himself during the international break.
Speaking about his future to Swedish news outlet Fotbal Skanalen, Isak said: "Throughout my career, I have never talked about or really commented on the move rumours during the season.
Arsenal-linked Isak addresses Newcastle future
"There have been many such years where it has been talked about. It doesn't affect me. I am commenting on my situation in Newcastle, and I have never had any problem there.
"I am fully focused on my task there and that we will have a fantastic season. There are still great opportunities for that. I have no thoughts about anything else."
According to ChronicleLive, Newcastle chiefs remain 'relaxed' over Isak's future despite reports suggesting that he is 'shocked' by the pace of contract discussions.
It is understood that Newcastle's long-term plan is to hand Isak a new deal and build a team around their star striker, who they believe has a 'genuine chance' of beating Alan Shearer's club record of 206 goals if he stays long term.
The prospect of the Magpies offering Isak a new contract with an increased salary and potential bonuses will likely depend on the club's financial predicament and whether they can once again comply with the Premier League's Profit and Sustainability Rules.