Isak was of interest to Arsenal last summer, but it is Newcastle who have been pursuing him this summer.
Eddie Howe wants up to two forwards to be signed before the transfer window closes and Newcastle have been attempting to snap up Joao Pedro from Watford.
Isak had an outstanding 2020/21 season, scoring 17 goals in La Liga, which he was not able to replicate last term, netting six times.
Newcastle though are sold on him and have now submitted an offer for his services to the tune of €70m, which has been accepted, according to Spanish daily El Diario Vasco.
The Magpies’ offer, it is claimed, has turned out to be too enticing for the Spanish club, though below his release clause.
However, the terms of the deal also have €5m in potential add-ons to the Spanish club as well as a 10 per cent sell-on clause.
Isak scored last weekend against Barcelona, and he will be hoping he can transfer his goalscoring skills to the Premier League, if he does indeed join Newcastle.
He cost Real Sociedad a fee of €10m.