Michael Owen is set to perform a U-turn over his future at Newcastle United.

The Times says the chances of Owen remaining at Newcastle beyond the expiration of his contract at the end of the season have been raised dramatically by Alan Shearer's appointment, provided the former England captain succeeds in his brief to lift the club out of the bottom three of the Barclays Premier League.

Owen's relationship with Shearer dates back to their attacking partnership for England and their sharing of an agent. It was cemented when Shearer, 38, played a key role in persuading Owen to join Newcastle from Real Madrid in 2005 and the pair remain close. Although there are several hurdles to be negotiated between now and the end of the season, Owen has been enthused by his mentor's arrival.