Newcastle United are ready to hand Michael Owen a new contract worth a whopping £20 million.

The Daily Mail says owner Mike Ashley is ready to tie Owen to a £110,000-a-week deal to replace the one which expires at the end of next season.

The former Liverpool striker, who joined Newcastle in an £18m switch from Real Madrid in the summer 2005, has started Newcastle's last 16 games, easily his best run in his injury plagued time at the club.