However, Newcastle manager Joe Kinnear has said that he will not be looking to off-load the 28-year-old striker in the January transer window.
"Michael knows I want him to stay and we won't be accepting any offers for him," Kinnear told BBC Sport.
"There is no point in taking any money for Michael when he can score 15 or 20 goals a season for us."
David Moyes is said to have tried signing Owen, who wa a childhood Blues supporter, last summer.