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Owen is unsettled at Madrid after the summer arrivals of Julio Baptista and Robinho and wants first team football to help guarentee a World Cup place in the England team.
He has already told Newcastle not to bother because they cannot provide him with European football and a move to either Manchester United or Liverpool is said to be his favoured destination.
United boss Sir Alex Ferguson has not shown any interest as yet and has plenty of forward options, especially with the return to form of Ruud Van Nistelrooij.
While Rafael Benitez of Liverpool has turned his attention elsewhere and says he wants a defender.
The task now comes in tempting Owen that a move to the North West - closer to his family - is better than warming the bench at the Bernabeau.
On view of our opening two Premiership games, the side is as good as any other, and is getting the strength in depth with the recent addition of Josip Skoko. All the side needs is a cutting edge up front, Owen could be the man to provide that.
Norwich striker Dean Ashton is unlikely to be moving to the JJB after Paul Jewell confirmed that Norwich are not willing to part with the England under 21 star.
Jewell said: We asked Norwich at a high level about Ashton but they don't want to sell him. Club's don't want to let their best players go and we didn't want to lose Nathan Ellington last week."
Other names linked include Leicester striker David Connolly, Preston's Richard Creswell and Turkish international Fatih Tekke.
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