Newcastle United are expected to open preliminary contract negotiations with Michael Owen in the next fortnight, with Mike Ashley hoping to persuade the England striker to become the first high-profile signing of a vital summer at St James' Park.

Ashley, the club's billionaire owner, has been away on business, but with the team all but safe from relegation from the Barclays Premier League, securing Owen's future is regarded as a priority.

Having named Owen as his captain, Kevin Keegan, the Newcastle manager, has urged his employers to enter talks with the 28-year-old and his representatives as a matter of urgency. “We should be talking to Michael now. Not next week, not next month, but now,” Keegan said recently, a request upon which Chris Mort, the club's chairman, and Ashley will act.

Owen's present deal, which is worth about £115,000 a week, has only one season to run and he has been linked with moves to Manchester City and Tottenham Hotspur. In January he would be eligible to discuss personal terms with interested parties before a free transfer next summer. He cost Newcastle a club-record £16 million when he joined from Real Madrid in 2005.

Owen's three years at the club have been disrupted by injury, but since Keegan's arrival in January the striker's form has been inspirational. Operating in a deeper role behind Obafemi Martins and Mark Viduka, he has scored four goals in his past five appearances.

With a manager that Ashley appointed in situ and on the back of a disappointing campaign, much will be expected of the owner during the close season. While the club have taken sensible steps to restock their youth ranks, the Newcastle first team require attention - Keegan has talked about buying players to “set the place alight” and nominated Thierry Henry as his dream signing. Owen represents an important start.