Michael Owen is studying the offer of a new deal at Newcastle after the club owner Mike Ashley has finally made his move to keep the striker.
It is understood the Magpies have contacted Owen's representatives with details of their latest contract offer and are now awaiting their response.
Manager Joe Kinnear expects to sit down with the former Liverpool hitman on Tuesday in an attempt to persuade to stay at St James' Park.
Kinnear has already insisted he would rather lose Owen, who has now scored nine goals in 15 appearances this season, for nothing at the end of the season than see him quit their relegation battle next month.
The 29-year-old's current deal is due to expire at the end of the season and he could leave Tyneside on a free transfer next summer should fresh terms not be agreed.
The terms have now been formally presented but the new three-year offer is £80,000 a week, a cut of around £25,000.
A series of bonuses could boost his weekly wage if he plays in 80 percent of matches.
Owen, who joined for £17 million from Real Madrid in August 2005, has had a three-and-a-half injury-hit years on Tyneside - including a fractured metatarsal and a ruptured anterior cruciate ligament.
Ashley knows with the credit crunch ruining his efforts to flog the club, chucking money at the injury-prone star would not help his cause.
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It is understood the Magpies have contacted Owen's representatives with details of their latest contract offer and are now awaiting their response.
Manager Joe Kinnear expects to sit down with the former Liverpool hitman on Tuesday in an attempt to persuade to stay at St James' Park.
Kinnear has already insisted he would rather lose Owen, who has now scored nine goals in 15 appearances this season, for nothing at the end of the season than see him quit their relegation battle next month.
The 29-year-old's current deal is due to expire at the end of the season and he could leave Tyneside on a free transfer next summer should fresh terms not be agreed.
The terms have now been formally presented but the new three-year offer is £80,000 a week, a cut of around £25,000.
A series of bonuses could boost his weekly wage if he plays in 80 percent of matches.
Owen, who joined for £17 million from Real Madrid in August 2005, has had a three-and-a-half injury-hit years on Tyneside - including a fractured metatarsal and a ruptured anterior cruciate ligament.
Ashley knows with the credit crunch ruining his efforts to flog the club, chucking money at the injury-prone star would not help his cause.
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