Hull City boss Phil Brown will table a first contract offer to Newcastle United striker Michael Owen this week.
"We will be speaking to Michael's representatives within the week," Brown told the Hull Daily Mail. "I would think he would have a number of offers and we'll have to be competitive.
"But I wouldn't sit down with him if I thought I was wasting my time. Anything is possible in football."
City are preparing an incentive-based deal touted to be potentially worth £60,000 a week.
Brown added: "I don't think Michael will go for the best financial offer, I don't think it's about that for him at this stage of his career, he'll want the best offer for his future.
"He needs to spend a high percentage of next season's games at the highest possible level and that's where we can come in."