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Michael Owen has been included in the Newcastle United squad for the match at home to Bolton Wanderers today, but as the England striker returns to full fitness, so do the questions regarding his future. After a summer of contract talks with the club, no agreement has yet been reached and the matter will now be discussed on Wednesday by Kevin Keegan, Mike Ashley and Dennis Wise.

Keegan, the manager, is eager for his captain to commit himself to the club beyond the end of this season, when his present deal expires, and Owen has repeatedly expressed his enthusiasm at the progress being made on Tyneside. As Frank Lampard's situation at Chelsea has demonstrated, however, negotiations can be tortuous, particularly when, like Owen, a player is earning in the region of £115,000 a week.

For the moment, the two sides remain some distance apart - reports that Owen has been offered a three-year contract worth £140,000 a week are inaccurate - but the tone of the debate is amicable.

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Keegan is optimistic that a positive solution will be found, although the nagging concern is that, as things stand, Owen would be entitled to discuss terms with other clubs in January. Keegan is not unduly alarmed, however. “These things happen,” he said. “The main thing at the end of the day is that it will be sorted.”

The caveat is that Newcastle cannot delay too long if they are to keep their record £16 million signing. “I think I can honestly say that, if it comes to January, then the chances are he won't be [staying],” Keegan said, “but I don't think it will get there.”

Keegan will discuss the situation regarding Owen, a new contract for Steve Harper - the goalkeeper could also leave on a free transfer next summer - and improved terms for James Milner, the midfield player, in his meeting with Ashley, the Newcastle owner, and Wise, the executive director. There will also be an update on incoming transfers. Keegan still hopes to add three more players to his squad, but he has denied that Arsenal's Philippe Senderos, the Switzerland central defender, would be one of them.

“We are having a meeting next Wednesday about a lot of things and contracts will be one of the things discussed,” Keegan said. “There are other players to discuss as well. I'm fairly relaxed about it, but I will know more when we sit down. I have not been party to these talks - meaning I have not been in the room, but I've been informed - but I don't see any reason why we can't secure all of those players.”

Following last weekend's 1-1 draw away to Manchester United, the mood at Newcastle is bullish. “We are not where we want to be yet, but we have a 21-man squad that has a lot of quality,” Keegan said. “There is no dead wood in there. One game is not consistency, but we have set a standard.”