There are no greater lovers of horseracing in the football fraternity than Sir Alex Ferguson and Michael Owen, which seems fitting because a lot is being wagered on their unexpected coming together at Manchester United.

Having spent recent weeks wondering if a move to Hull City or Stoke City might constitute the glum sum of his options for next season, the dramatic upturn in Owen’s fortunes was complete last night when United announced the capture of the former Liverpool striker on a free transfer that, even by the standards of this extraordinary summer, is difficult to digest.

Owen, 29, has signed a two-year deal with the option of a third year after passing a stringent medical at a south Manchester hospital yesterday afternoon, with United satisfied that the striker, despite being plagued by injury in recent seasons, can flourish at the highest level.

The breakdown of Owen’s salary was unclear last night, but it is understood that the player will receive a relatively low basic wage by United’s standards — and a fraction of the £120,000 a week he earned at Newcastle United — but with the option of significantly boosting his income through bonus payments, depending on his success at the club.

After a whirlwind 48 hours, when Owen went from being invited to breakfast with Ferguson to signing for the Barclays Premier League champions, the questions will begin in earnest.

Will he stay fit? Can he recapture his best form? Will Ferguson revitalise Owen’s career in much the same manner he did Eric Cantona’s? Can Owen play with Wayne Rooney? And all that before we ask what Fabio Capello, the England manager who appeared to have all but brought the curtain down on Owen’s international career, makes of it all.

Owen, though, is determined to prove the sceptics wrong and remind people why he was once crowned European Footballer of the Year.

“I had just begun to talk to other clubs when, out of the blue, Sir Alex phoned me on Wednesday afternoon, invited me to have breakfast with him the next morning, during which he told me that he wanted to sign me,” Owen said. “I agreed without a moment’s thought.

“This is a fantastic opportunity for me and I intend to seize it with both hands. I am now looking forward to being a Manchester United player and I am fortunate that I already know so many of the players here.

“I missed pre-season last year and am pleased that I will be starting at Carrington from Day One. I want to thank Sir Alex for the faith he has shown in me and I give him my assurance that I will repay him with my goals and performances.”

If Owen represents Ferguson’s only venture into the transfer market this summer for a striker, as appears likely, there can be little doubt that the United manager will have taken a gamble. If it is not a financial one, it is one that relies heavily on Owen staying fit and showing he can still perform at the highest level.

That will become all the more pressing if injury should befall one or both of Rooney and Dimitar Berbatov, who are still expected to form Ferguson’s first-choice forward pairing after the departures of Cristiano Ronaldo and Carlos Tévez.

Ferguson considered signing Owen in the summer of 2005 before the player’s move to Newcastle but balked at the £16.5 million fee demanded by Real Madrid, but he has finally got his man, even if some may say a touch too late in the player’s career.

The Scot, though, does not appear to see it that way. “Michael is a world-class forward with a proven goalscoring record at the highest level and that has never been in question,” Ferguson said. “Coming to Manchester United, with the expectations that we have, is something that Michael will relish.”

So the football world waits eagerly to see how Owen fares, something that already promises to be one of next season’s intriguing subplots.

As an aficionado of the Sport of Kings, Ferguson will doubtless hope that Owen proves to be his Desert Orchid. A superstar in his heyday, “Dessie” was written off by many until he stormed to victory in the 1989 Cheltenham Gold Cup. Time will tell whether Owen has a second coming.