Villa would be willing to make Michael Owen their top earner to land the out-of-contract Newcastle striker.

The Magpies’ relegation means Owen is certain to leave this summer but, despite being available on a free transfer, the 29-year-old would still have to accept a drastic cut on his Newcastle salary – worth a reported £120,000 a week – to land a move to Villa Park.

Villa’s current top earner is Ashley Young on around £56,000 per week, so Owen would have to settle for between that and the £65,000 the club were prepared to pay the now departed Gareth Barry to sign a new deal.

Despite his four-year stay at St James’ Park being blighted by injuries, Owen’s reputation as a proven goalscorer means he will be in demand this summer.

None of the top four are thought to be interested but Villa can still expect stiff competition from Italian giants Roma as well as Tottenham and Everton, although speculation suggests Owen is wary of a Goodison Park move having began his career at Liverpool.

Villa are desperate to land a big-name signing to signal their top-four ambitions remain intact, following Barry’s £12million move to Manchester City last week.

The signing of a player of Owen’s profile would certainly do that, but the question marks hanging over the former Real Madrid forward’s fitness make him a gamble – even on a free transfer.

O’Neill is believed to be a long-term admirer of the out-of-favour England striker and, when asked in January about the possibility of signing Owen this summer, he refused to rule out a move.

He then said: “We would see. Like everything else, football is evolving all the time. That’s not to say Michael Owen is not a terrific footballer.

“What happens in the future, I don’t know.”

Owen’s arrival would see him reunited with Emile Heskey, enabling O’Neill to reform the partnership which previously served England and Liverpool so well.

The Villa chief already has Heskey, Gabby Agbonlahor, John Carew and teenage prospect Nathan Delfouneso at his disposal – but he is keen to get a fourth experienced striker on the books.