According to a report in the Daily Mail, Owen's representatives are still waiting on discussions on a new contract at St James' Park to begin - more than six weeks after negotiations were expected to start.

And the Mail claims any move to slash the Newcastle skipper's current salary of £120,000 a week to nearer £80,000 could end his three-year stint on Tyneside.

Everton are claimed to be interested in exploring the possibility of luring the former Liverpool star back to Merseyside.

He supported the club as a boy and it is where his father Terry once played.

A move to a top-four side is unlikely after both Owen and Manchester United were surprised by reports at the weekend of a possible move to Old Trafford.

And Rafa Benitez's reluctance to sign him from Real Madrid three years ago suggests there is little chance of a return to Anfield.

Neither Chelsea nor Arsenal have expressed an interest.

It is claimed Everton could interest Owen as they are moving in the right direction under David Moyes.

He is now looking for financial backing to challenge for a top-four place before committing his future to the club.

If Moyes remains, Owen could find the chance to play European football.