https://offiside.com/liverpool-agreed-120m-swap-deal-involving-out-of-favour-england-star/

Liverpool and Newcastle Reignite £120m Transfer Saga Over Elliott, Gordon, and Isak

Liverpool and Newcastle United could be set for another high-stakes summer transfer tug-of-war, with reports suggesting the two clubs have revisited interest in several big-name stars — including Anthony Gordon, Harvey Elliott, and Alexander Isak.

According to talkSPORT and The Daily Mail, Liverpool were prepared to complete a £120 million player-plus-cash deal involving Joe Gomez and Anthony Gordon last summer — a move that was scuppered at the eleventh hour. Gordon had reportedly undergone the early stages of a medical in Leipzig before Newcastle pulled out, bolstered by late sales of Elliot Anderson (£35m to Nottingham Forest) and Yankuba Minteh (£33m to Brighton), which helped them meet Profit and Sustainability Rule (PSR) obligations without sacrificing a marquee player.

Now, the Merseyside club is once again pushing for Gordon’s return — a player with deep Liverpool roots and personal ties to Curtis Jones — while also maintaining serious interest in Magpies striker Alexander Isak, valued at over £150 million.

Newcastle boss Eddie Howe, meanwhile, has been monitoring Harvey Elliott, who is reportedly open to a move away from Anfield this summer in search of more consistent starting minutes. RB Leipzig are also circling the 21-year-old, with Liverpool expected to demand at least £40 million for the versatile England U21 international.

The situation is further complicated by financial considerations on both sides. Newcastle, still operating under the shadow of PSR scrutiny despite investment from the Saudi Public Investment Fund, must tread carefully. Former co-owner Amanda Staveley, who recently sold her stake in the club, confirmed Liverpool’s intense pursuit of Gordon and Isak:

“My primary worry was losing Alex (Isak) or Anthony (Gordon) because Liverpool was pursuing them… Negotiating is challenging as you must act indifferent when it means everything to you,” she told The Athletic.

While Gordon signed a new long-term deal with Newcastle last October, his boyhood connection to Liverpool — having been part of the Reds’ academy until age 11 — continues to fuel speculation about a future move.

Liverpool’s summer rebuild under Arne Slot is well underway, with over £180 million spent and key departures — including Trent Alexander-Arnold, Caoimhin Kelleher, and Jarell Quansah — helping to free up room in the squad. The next step may be contingent on more outgoings, with Elliott’s future appearing to hold the key to further incomings.

For now, the Reds and the Magpies remain locked in a delicate dance — one that could see a blockbuster move reignite negotiations that nearly reshaped both clubs just 12 months ago.