The former Real Sociedad star has been a huge hit at St James' Park following his PS63million move nearly two years ago.
With 22 goals in 42 Premier League appearances, Isak has already established himself as one of the the English top flight's most feared strikers.
Newcastle would be loathed to lose the Sweden international in the summer but with the club struggling to comply with Premier League spending regulations, the Magpies could be forced to sell one of their prize assets.
Arsenal were keen on signing Isak earlier in his career but were unable to agree a fee with Sociedad and subsequently turned their attention to signing Gabriel Jesus instead.
The Gunners are likely to be in the market for a centre forward once again come the close season and Isak has once more been linked with a move to the Emirates Stadium.
Responding to the transfer rumours, Isak told Expressen: 'It doesn't affect me that much. It has been talked about many times, in many windows.
Further reports claimed that Newcastle were considering summer surgery on Isak's groin injury that has caused him to miss eight games this term.
'It was a strange rumour, actually,' he said 'I don't remember who it came om, but there was no person trustworthy enough to say such a thing. So, that's not true.'
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'Or when you have just done it, you have had a setback. It's almost a little nicer to know that you're gone for a longer time than to have these little bumps.
'Then our situation in the team hasn't helped either, the availability of players. At some point I've come back from an injury and had to play three games in one week. It's not optimal either. At the same time, we have had important matches and an important season.'
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