The England striker last night released a statement that ruled out the possibility of him leaving St James' Park in the January transfer window, meaning he will see out his Magpies contract.

Owen also confirmed he is willing to take a pay cut if he decides his future lies with Newcastle, but wants to take as long as possible to make up his mind after turning 29 last week.

Owen said: "Following speculation about my future at Newcastle United, I have decided to make it clear that I am committed to the club until at least the end of this season, and I have informed them I do not want to make a decision about my future until that time.

"I hope this will be seen as a positive step and not seen as being disloyal in any way.

"I am happy here and enjoy the challenge. It is simply a matter of seriously thinking about my future as I was 29 last week and my next career decision is a crucial one.

"My decision is not about money. I told the club some months ago that I would accept a reduction in my wages.

"I have no intention of leaving Newcastle United during the January transfer window and want to assure the fans that under Joe Kinnear's passionate management, I am committed with the rest of the players to ensure that the club ends the season on a high."

Owen's statement comes a day after Kinnear suggested his agent would hold talks with managing director Derek Llambias this week over the new deal he was offered seven days ago.

Speaking after Sunday's 2-1 Barclays Premier League win over Tottenham, in which the striker played, Kinnear said: "We have to sit down with Michael and the people who represent him and try to strike a deal.

"I don't think there is anything else we can do, we have both really got to agree on a number.

"As far as I have been informed, that's supposed to be in the next three or four days."