The 29-year-old this week announced that he would not sign a new three-year deal at St James' Park now, but would instead wait until the end of the campaign to assess his options.

If that came as a blow to Kinnear, he was not admitting it as he acknowledged his relief at the England international's decision to commit himself to the club until June amid speculation that he could leave next month.

However, the 61-year-old knows what happens both on and off the pitch over the next few months will go a long way towards making up Owen's mind for him.

Kinnear said: "I think so, yes, very much so. Michael himself is not too sure, and that's why he sees taking time as his best option.

"Believe it or not, he was quite happy with the terms, it was just that this is the final decision he is going to make in his career.

"He was delighted - and thanked me very much - for the fact that we made him a three-year offer, which he wasn't expecting, but nevertheless, he just needs time to sort things out for himself.

"I don't mind that, I am fine. He is a great professional and - I keep repeating myself - his goalscoring record stands up there to be counted.

"As long as he continues scoring goals, I will be delighted."

The Owen saga has been rumbling on since long before Kinnear was asked to replace Kevin Keegan at the helm on Tyneside, and his goals since - he has nine of them in 16 appearances - have illustrated his importance to Newcastle.

For that reason, Kinnear insisted this week's development was good news.

He said: "It's very good news. I am glad we have managed to find out the position once and for all, because it has been a bit worrying, to be honest.

"The last thing I wanted to do was to lose him. But I respect the decision he has made and now we just get on with it.

"I knew prior and I kept it to myself, but I was still trying my hardest to shift it our way a little bit.

"But he said it is going to be the biggest decision of his career - he's 29 years of age - and he felt that was the best thing for everybody concerned.

"But he is very focused on playing and doing his very best for the club, that was what I was worried about."

The Magpies are still awaiting decisions from Nicky Butt, Shola Ameobi and Steve Harper over their contract offers, although Kinnear revealed preparations for his own January recruitment mission are well under way.

He said: "We have contacted about four people at the moment and spoken to them, and we are still waiting for a yea or a nay. It is still very much in the balance."

However, the former Wimbledon boss, who takes his side to Wigan on Boxing Day defending a six-game unbeaten run, has dismissed suggestions that midfielder Charles N'Zogbia is looking for a move away from St James' after reports in France quoted him as saying he was looking for a new challenge.

Kinnear said: "The lad is quite embarrassed himself with what he is supposed to have said.

"As far as I am concerned, he has been spot-on. He is working extremely hard and has got himself into the team by playing well - and when people are playing well, I make sure they stay in the team."