Newcastle United have offered Nigeria striker Obafemi Martins a stunning new contract.

The Sun says Martins has been offered a bank-busting £26million deal to sign up for Kevin Keegan's Newcastle revolution until 2013.

Toon owner Mike Ashley has sanctioned a two-year extension to Martins' contract and a 50 per cent wage rise to £90,000-a-week.

As part of the deal Martins has agreed to forfeit a £13m release clause.

He said: "These are exciting times and I want to stay."

Martins' contract is being negotiated by Chris Nathaniel of NVA management, whose clients include Rio Ferdinand and Micah Richards. He also arranged the £1m deal for John Terry's autobiography.