Real Madrid's Michael Owen sits on the bench before the start of their Santiago Bernabeu Trophy exhibition match against U.S. MLS All-Stars in Madrid August 23, 2005.(Reuters)

NEWCASTLE, England: Newcastle United have agreed a club record transfer fee with Real Madrid for England striker Michael Owen, the Premier League club said yesterday.

"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 (US$26.89 million) 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 for the player, named European Footballer of the Year in 2001.

Earlier Owen was quoted by British media as saying he wanted a starting place at Real but if that was not to be 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 finalized then he would agreed to join Newcastle on loan.

Real said they had not received any offer for Owen from European champions Liverpool.

(Agencies)