We shouldn't contemplate any offer for Milan until Owen actually signed and Benitez have a clear word with Milan on his role with the club (I think Milan is concerned to play 2nd fiddle to MO again and this is his best chance to tilt the balance). Speaking from the club's p.o.v, an offer in the region of £20M+ will be too good to turn down as the money could be used to strengthen the team overall (and there are at least 3 to 4 positions that need to be filled before the start of the season).
Speaking as a fan, I hoped we managed to convince Milan on his future at the club. I agreed with most above...we need 3 top notch strikers (at least) over the course of the season to maintain a sustain challenge in the Premiership and at CL.