Newcastle see the Norway international as a potential replacement for wantaway centre-forward Alexander Isak.
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Larsen signed permanently for Wolves earlier this summer after joining on-loan in January from Celta Vigo.
The Athletic says Wolves are in talks with Larsen's agents about a potential move to the Northeast this month. As yet, no contact has been established between the two clubs.
Wolves paid €30m to make Larsen's deal permanent, with the centre-forward penning a deal to 2030.