The deal. according to one report, depends on Dimitar Berbatov's position at Tottenham, and it looks increasingly untenable after he asked to be given the chance to "follow my dream".
The Bulgaria striker, who has been linked with a move to Manchester United for much of the summer, is inching ever closer to a deal.
Ferguson has not made a formal offer for the player since seeing a first bid of £20.5million turned down but with Cristiano Ronaldo still out injured and Carlos Tevez missing due to a bereavement, United's shortcomings up front were laid bare against Newcastle in Sunday's 1-1 draw.
So where does this put Owen? Although the Toon striker has not kicked a ball in any of Newcastle's pre-season friendly fixtures because of mumps and injury ... the mumps hasn't kept him away from race meetings.
He was been spotted at Goodwood race meeting when he cried off from playing in the local fixture against Hartlepool.
Will he go? Do Spurs want him? Does anyone give a toss if he does go?
You tell us on our message board.