Dont we have first option on him if he was to leave?
He has admitted his frustration at being on the bench and has not ruled out a move back to the prem.
Would he really go to the toon

Should we try and get him back I would take him back tomorrow if he wanted to come back to the UK.
His baby and girlfriend still live in the UK, so that cant be easy for him I knew she wouldnt move there.
I would love him to come back he would be the answer to our forward problems.
Imagine Owen, Morientes, and Baros as our forward options

Surely he wouldnt go to the toon even for 10 mill, they arnt in the CL they are in the bottom half of the table, and have never won anything.
Come home Michael you will be welcome.
Simon Talbot in Madrid
Tuesday January 18, 2005
The Guardian
Michael Owen yesterday voiced his impatience with Real Madrid for the first time since his move to Spain last summer. He has scored more goals per minute than any other player in Spain yet he starts virtually every game on the bench, unable to find a way past the untouchable galácticos .
Asked about speculation linking him with a move to Birmingham or Newcastle, Owen responded: "It is inevitable when somebody doesn't play. It's easy to put two and two together and come up with a few different clubs; that's only natural. It is only because I haven't been in the starting XI for a month or two now." Yesterday Newcastle said they would not be moving for the England striker.
But Owen failed to quash the speculation entirely. Asked, "You're staying here, aren't you?" he replied: "Well, in an ideal world I want to succeed here, play as much as I can and score many goals."
However, Madrid has not, as Owen admitted, proved an ideal world. He has started only seven league games, yet has scored seven goals, one every 110 minutes, compared with Ronaldo on 11 and, more significantly, Raúl - scorer of only four in the league despite starting all but one match.
If Owen were to be sold Liverpool have first option but it is understood his former club will not exercise it.
Having again scored as a substitute against Real Zaragoza on Sunday, Owen said: "I want to improve the situation. I want to be in the starting XI. I will never be happy on the bench. Maybe if I played a little bit more I would have scored more goals as well.