Michael Owen will be moving to Chelsea in January, if reports across the British media are to be believed.
The 28-year-old Newcastle striker will move to West London for £5million, as Chelsea look to bring in some cut-price cover up front. Their number-one target, Sevilla's Luis Fabiano, is thought too expensive, at a prohibitive £25million - a sign that the credit crunch is biting even the deepest of pockets.
With Owen's contract set to run out next summer, the Stamford Bridge outfit hope they will be able to land their target on the cheap, although whether they will be keen to match his reported £120,000-a-week salary is another question.
And Chelsea might face competition from North London rivals Spurs, also thought to be interested in Owen, who consider the Newcastle man a cheaper alternative to another of their reported targets, White Hart Lane old boy Jermain Defoe.
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