Newcastle chairman Chris Mort has promised the club are ready to do all they can to get Michael Owen to sign a new deal.
Magpies boss Kevin Keegan is keen to sort out the player's future and Owen has hinted he is prepared to sign a new deal to extend his stay on Tyneside.
With Newcastle securing their Premier League safety after an upturn in results, Mort says the club are ready to sit down and discuss Owen's long-term future.
"As we have said all along, we are obviously keen for Michael to stay," Mort told the Evening Chronicle.
"He's a fabulous player and he showed that again.
"Now we are looking forward to sitting down with his team and working out an agreement for him to stay at Newcastle United."