Newcastle United have agreed a club record transfer fee with Real Madrid for England striker Michael Owen, the Premier League club said on Wednesday.
"Newcastle have met Real Madrid's asking price and conditions," Newcastle said in a statement.
"The agreed fee will be a record transfer fee for Newcastle United. It is now up to the player and his advisor."
If Owen, who has struggled to establish himself in the Real first team, moves to the north-east club it will surpass the 15 million pounds they paid Blackburn Rovers for Alan Shearer in 1996.
Real confirmed an agreement with Newcastle had been reached and said Owen was free to leave after one season at the Bernabeu.
"Newcastle have made a very serious offer that has met the requirements of Real Madrid," the club's director of communications Antonio Garcia Ferreras told Reuters.
"The move now depends on Newcastle and the player reaching an agreement themselves, but as far as Real Madrid is concerned Michael Owen has the go-ahead to leave."
Sources close to the Spanish club suggest that Newcastle have offered over 20 million euros (13.6 million pounds) for the player, named European Footballer of the Year in 2001.
Earlier Owen was quoted by media as saying he wanted a starting place at Real but if not then he would prefer a return to former club Liverpool, where he scored 158 goals in 297 matches.
Owen said if a deal with Liverpool could not be finalised then he had agreed to join Newcastle on loan.
Real said they had not received any offer for Owen from European champions Liverpool.
WINNING GOALS
Owen joined Real in August last year for eight million pounds but unlike Galactico predecessors Zinedine Zidane, Ronaldo and David Beckham, the England striker did not walk straight into the first team.
The 25-year-old, competing with Ronaldo, Raul and Fernando Morientes for a place in Real's front line, had to settle for a place on the bench in the early part of the season.
He scored winning goals against Valencia in the Primera Liga, Dynamo Kiev in the Champions League and Leganes in the Cup in October but it was not until the latter stages of the season that he was rewarded with a regular starting place.
Owen ended the season with a highly creditable 16 goals in all competitions but Real's decision to sign Brazilian forwards Robinho and Julio Baptista in the close season pushed him down the pecking order once more.
