MICHAEL OWEN’S future remains as delicate an issue as his fitness, despite Freddy Shepherd’s contention yesterday that he cannot “see any reason” why the striker will not commit himself to Newcastle United.

After a season blighted by injury, the 26-year-old is straining to recover for the World Cup finals, but Owen’s health is not the only uncertainty.

“Michael is on a four-year contract with us and we do not see any reason why he will not see that out,” Shepherd, the Newcastle chairman, said. “It’s as simple as that.”

Yet, given that Owen’s lucrative deal contains a clause that allows him to discuss a transfer with any club who bid £12 million for him this summer, the reality is more complicated.

There is no certainty that the clause will be exercised. After his torrid 12 months at Real Madrid, another stint abroad would not appeal to Owen, while any move within the Barclays Premiership would, on his behalf, be restricted to clubs competing in the Champions League. It is not yet obvious whether the likes of Liverpool, Manchester United, Arsenal or Chelsea have the inclination or resources to fund it.

The departure of Ruud van Nistelrooy from United or Thierry Henry from Arsenal may influence the situation, while a close bond still exists between Owen and Anfield, his former home. If no club displays an interest, Owen’s room for manoeuvre would be limited and it is understood that there is a limited window for his “talk clause” to be implemented. The World Cup finals in Germany may be a cut-off point.

Owen is said to have an open mind about his position and the England striker is not agitating to leave Tyneside. His mood would be influenced by an ambitious managerial appointment of Martin O’Neill’s calibre. The name of Gérard Houllier, another interested party and Owen’s former manager at Liverpool, has been leaked from within St James’ Park.

Attracting a high-profile replacement for Alan Shearer, Owen’s close friend, would be another positive development, while quality reinforcements are required throughout the squad. Newcastle have also let it be known that they are willing to sign Jonathan Woodgate, a team-mate of Owen at the Bernabéu, on a pay-as-you-play basis should Real decide to release the injury-prone defender.

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