Michael Owen is ready to quit Newcastle United for Aston Villa.

The Guardian says Owen is willing to take a significant salary cut to join Aston Villa but the Newcastle United striker will not countenance signing a pay-as-you-play deal or agree to any clauses that could further reduce his wage in the event of injury.

Villa and Owen's representatives have yet to hold formal talks and no offer has been made to the player, although the Midlands club has registered its interest and the possibility of a meeting has been broached.

Much, however, could depend on the financial package Villa are willing to put in front of Owen as well as the possibility of Manchester City entering the race at some stage. The world's richest club are currently pursuing more high-profile targets, in particular Carlos Tevez, though Owen could yet emerge as a back-up plan and there is little doubt that City would be in a position to offer the forward personal terms well beyond Villa's reach.