Feature: Why Owen cannot lose

The Magpies have agreed a �17m fee with Real Madrid, but the 25-year-old is holding out for a return to Liverpool.

Souness said: "It was evident that one day very soon the club were going to have to come up with a lot of money and a very special player to replace Alan.

"There are only a few players in the world who can do that and Owen is one."

Newcastle lodged their club record bid on Wednesday and are still awaiting a final response from Owen.

But the England striker's hopes of returning to Liverpool seemed to be boosted on Friday when Liverpool refused to rule out a bid.

But, despite that and Souness' capture of Deportivo La Coruna striker Albert Luque, Newcastle have not given up on signing Owen.

"Michael Owen is one of the best goal-getters around today," said Souness.

It's not a no or a yes - we will see next week Liverpool chief executive Rick Parry

"It would be a fantastic signing for Newcastle if we were to manage it, but we have not done it yet."

Shearer also remains hopeful that Owen will opt for Newcastle.

"I am no different to anyone else at this football club, I would love him to come here," he said.

"He would improve any team in the Premiership and we are no different.

"We all know that we need strengthening and the manager and the chairman are working very hard by the looks of what we have got coming in.

"Hopefully it will not be the last, but we are thin on the ground. We need to improve and players coming in, I am sure, will improve us."

But Newcastle's prospects of signing Owen may depend on whether Liverpool decide to lodge a bid.

Have Your Say on 606 Chat about the Owen saga

Boss Rafael Benitez has been low-key on constant speculation linking the England striker with a return from Real Madrid after only 12 months.

But Reds chief executive Rick Parry has admitted they do want to bring Owen back to Anfield.

"It's not a no or a yes - there has been plenty of speculation and we will see next week," said Parry.

Parry is pleased that Owen has publicly stated his preference for a move to Liverpool, despite Newcastle's determined efforts to do a deal.

He said: "We are always encouraged when players say they want to join Liverpool."