The News of the World reports 'informal contact' has been made between the Premiership high-fliers and Owen's representatives over a summer transfer.

The Sunday newspaper claims Sir Alex Ferguson believes he can snap up the Toon striker for a cut-price £7m and is pushing for a speedy conclusion to the deal.

Transfer rumours - May 11

Sir Alex confirmed this week that an Owen-type striker was high on his list of summer targets.

Louis Saha looks certain to be unloaded and Sir Alex said: "We will buy. Along with Carlos Tevez and Wayne Rooney, we may need experience in one forward position, somebody to take over from Ryan Giggs eventually."

Owen's recent goal-scoring form has shown he can still cut it at the highest level.

However, he would probably want to sign the striker on an incentive-based contract, dependent on games and goals.

United's interest comes at a time when Owen's future at Newcastle has been thrown into doubt.

Talks have yet to begin on a new contract and the indications are that he will be expected to take a £40,000-a-week cut on his £120,000-a-week earnings.

That will be rejected by Owen and he will either press for an immediate move or see out the last year of his deal and go for free in 2009.