Mike Ashley turned down the chance to sign Owen on a new deal back in the summer, a "big mistake" according to Kevin Keegan, and the striker is expected to be tempted to look for a move away from St James' Park.
He has slipped out of England contention under Fabio Capello and the 28-year-old is free to open talks with rival clubs in the new year.
Owen Looks Set For Move Away From Tyneside!
Chelsea have already started the interest.
Joe Kinnear: "Of course, it's understandable that other clubs are interested.
"He's a 28-year-old who has bags of ability and can score goals so there must be dozens who want him.
"He will be spoilt for choice. I think Michael is probably in the best position, better than the position the club are in. Michael can't lose.
"I know what I would say to him if I keep the job - 'Stay here'. But I have no idea who may come in.
"Who's to say it won't be Manchester United, Liverpool...anybody."