£8million is said to be the cut-price fee that would tempt the Magpies to sell, but it seems unlikely he will be leaving Tyneside until the summer at the earliest.
There have been no talks over extending a deal that runs out in 18 months and Newcastle fear losing him for nothing after so far shelling out about £30m on him.
Man City are reportedly aiming to snap up Nicolas Anelka from under Chelsea's noses.
The Bolton striker has recently been linked with a move to Stamford Bridge during the January transfer window and according to The Sun Blues boss Avram Grant was confident of landing him.
But it's now emerged the Eastlands outfit are planning to better Chelsea's offer of £10million with an extra £2million after City boss Sven-Goran Eriksson has cooled on Owen.
Bolton's slim chances of keeping their talismanic French international for the full season improved on Wednesday night when they advanced to the next stage of the UEFA Cup without even playing.
Bayern Munich's 6-0 triumph over Aris Salonika ensured the Trotters finished in the all-important top three places in their group but this incentive is likely to prove fruitless compared with the lure of Champions League football which Chelsea can provide.