Aston Villa Register Interest in Signing Newcastle's Michael Owen

Michael 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.

The former England international, who will be available on a free transfer when his contract at St James' Park expires at the end of the month, will also demand a significant signing-on fee.

Martin O'Neill refused to rule out a future move for Owen when he signed Emile Heskey, his former Liverpool and England strike partner, from Wigan Athletic in January, and the 29-year-old is among the Villa manager's summer targets following Newcastle's relegation.

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.

Owen is understood to be prepared to see his basic wage slashed from £110,000 a week to around half that sum provided there is no link between appearances and pay. That deal would come within Villa's wage structure but O'Neill will have to weigh up the value for money that a player as injury-prone as Owen represents. During his four years on Tyneside the former Liverpool striker featured in less than half of Newcastle's league matches and was painfully short of form at the end of the season.

Owen does, however, remain a high-profile name and one that would be well received in the Villa Park dressing room where senior players, including Ashley Young, are understood to be concerned with the direction the club will take in the wake of Gareth Barry moving to Manchester City. Villa are not short of strikers but, with Heskey and John Carew both offering height and power, Owen would provide O'Neill with some welcome competition for Gabriel Agbonlahor.