Larsen has made a good impression at Wolves, scoring 14 goals and providing five assists in 38 games last season. However, Wolves are said to be reluctant to let him go so soon after his arrival.
Newcastle's manager, Eddie Howe, is facing a challenge in finding a suitable replacement for Isak, who is reportedly a target for Liverpool. The Reds are willing to break the British transfer record for the second time this summer to sign Isak.
Newcastle is understood to be considering other options as well, including Benjamin Sesko. The club is wasting no time in looking for a new striker to fill the gap left by Isak.