Joe Kinnear said on Sky TV on Sunday he expected Michael Owen to snub the first deal put on the table ... but according to reports from Merseyside, he is "mulling over the offer of a new deal" at Newcastle because he won't get any more money anywhere else.
Owen Offered £25,000 Drop In Wages!
Joe Kinnear hopes to sit down with the 29-year-old today in an attempt to persuade him that his future lies at St James' Park ... but it all depends how much Owen needs the money or how much he wants to get back into the England side and concentrate on his football.
Kinnear has already insisted the England international will not be sold next month, meaning the Magpies will not get a penny for him, because he could leave on a Bosman free transfer at the end of the season.
Owen is a multi-millionaire with a street full of high class houses, a helicopter, and enough money to buy a small African country.
Will he argue over the pay-cut?
Owen has played in 62 games for Newcastle over three-and-a-half injury-hit years, and he is still not match-fit.
Owen (after the Portsmouth game): "We are looking up and have moved up a few positions.
"Like most teams, we have a few games over Christmas. This is the best time to gain a bit of confidence.
"If we can keep that run going we will be clear of relegation over Christmas and wondering what all the fuss was about."