Most observers believe the Newcastle captain's days on Tyneside are numbered, but sources close to the club-record £17 million signing have insisted that Owen has not snubbed the offer of a new, four-year contract that would mean a £25,000-per-week wage cut.
However, it has also emerged that his representatives will wait to see which other clubs express an interest in the England international's services before he commits to the St James' Park cause.
"Michael has not rejected Newcastle United's offer," a source close to Owen told the Telegraph. "His advisors are working through it, and they'll respond accordingly.
Owen, 29, was due to meet Newcastle manager Joe Kinnear yesterday (Tuesday) at the club's Darsley Park training ground to discuss the new deal, 48 hours after it was formally offered to his agent, Tony Stephens.
"Michael has let it be known that he's flattered by Newcastle's desire to keep him at St James' Park," said the source. "And it's no coincidence that he has re-discovered his best form recently and started scoring goals again.
"Anyone who saw his face when he put Newcastle in front at Portsmouth will see how committed he is to lifting the club up the Premier League table.
"Like the rest of the Newcastle team, he was buoyed not just by the result against Portsmouth, but the manner in which it was achieved. Michael's training for the Spurs game, and this is what he's focusing on.
"He's letting his advisors look at the financial aspects, and even though he knows some of the figures which are being bandied about are wide of the mark, he's just concentrating on staying fit and doing what he does best, and that's scoring goals."