Chelsea are planning a shock bid for Newcastle United striker Michael Owen.

The Sun says Blues boss Phil Scolari has been told budget cuts mean he has around £10million to spend on new players.

The Blues value 28-year-old Owen - who is out of contract next summer - at between £3m-5m.

Scolari is keen to recruit a top-class striker to cover for Didier Drogba and Nicolas Anelka.

His first choice was Brazil striker Luis Fabiano but Seville's price tag of £25m has made that move impossible.

Chelsea may face competition from Spurs, though, who are also on the look-out for a striker.

Boss Harry Redknapp knows a move for Owen would be cheaper than signing Jermain Defoe, who is valued at £12m by Portsmouth.