Newcastle see the Norway international as a potential replacement for wantaway centre-forward Alexander Isak.
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The Express & Star says Newcastle could turn their attention to Larsen, 25, if Isak needs to be replaced this summer.
Last season, the Norwegian was on loan from Celta Vigo to Wolves and earlier in the summer the deal was made permanent.
Larsen is described as one of several options that Newcastle is considering if Isak departs.