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Isak, who has been linked with Liverpool and Arsenal, says he wants to explore other opportunities.
His decision has now forced the Magpies back into the market for a striker, after they lost out on Hugo Ekitike.
Ironically, Ekitike has now signed a six-year contract with Liverpool earlier this week.
Although Isak is the subject of interest from Saudi Arabia, he wants to continue playing in Europe.
Football transfer expert, Fabrizio Romano, wrote on X: “Understand Alexander Isak remains a target for Liverpool even after signing Ekitike… but depends on Newcastle.
“If Newcastle open doors to an exit and #LFC sell Diaz, they can bid after direct contact made 10 days ago.
“Isak, not in concrete talks with Al Hilal so far.”
