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

Liverpool and Newcastle United could find themselves tangled up in a transfer tug-of-war for the second consecutive summer. Rewind 12 months and the pair were reportedly close to agreeing a move that would've seen two big-name stars transfer between the two clubs.

The Daily Mail reported that Anthony Gordon was of interest to Liverpool, who are said to have agreed a £75million deal with Newcastle. Meanwhile, Newcastle were believed to be offering £45m for the services of out-of-favour defender Joe Gomez instead.

While the deals for PSR purposes wouldn't have officially gone down as a player plus cash swap, it's claimed the deals were close to going through, with Gordon even having explored the possibility of a medical. Of course, the deals collapsed, meaning Gordon stayed at Newcastle and Gomez at Liverpool, where he picked up a second league winner's medal.

However, there's potential for a similar situation to play out this summer, given Liverpool and Newcastle both hold interest in each other's squads. For Liverpool, their focus is on Alexander Isak, as Arne Slot looks to firm up the tip of his attack.

Meanwhile, Newcastle are rumoured to be showing an interest in wantaway star Harvey Elliott, who shone during England's recent under-21 Euros campaign. The former Fulham starlet is expected to depart Anfield ahead of the new season, having found minutes hard to come by under new manager Slot.

Any potential deal involving Isak will likely cost a little more than Liverpool would've spent on Gordon last summer, given Newcastle are said to value the striker in excess of £150m. But given the pair were reportedly willing to do business last summer, what's to say they don't pick up the phone and re-enter negotiations in the coming weeks and months?

Plans could be influenced by Newcastle's PSR situation, given the North East outfit have been hamstrung by the restrictions in the past. So much so, former co-owner Amanda Staveley had to sell all her shares in the club for Newcastle to avoid any PSR-related punishment.

She told The Athletic: "I knew what was coming in terms of me leaving, but the fans and PIF deserved every focus of mine. 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 [Newcastle CEO] Darren [Eales] has a clear runway."