Newcastle formally tabled their offer of a new contract to striker Michael Owen on Monday.
It is understood the Magpies have presented the terms of the deal to the England international's representatives and are now awaiting their response.
Manager Joe Kinnear revealed on Friday that Owen, Nicky Butt, Steve Harper and Shola Ameobi, who are all out of contract at the end of the season, would be made offers this week.
He expects to sit down with all four on Tuesday to discuss the way forward having been given the green light by owner Mike Ashley.
However, Kinnear admitted that, while he is hopeful of persuading Butt, Harper and Ameobi to stay at St James' Park, he is less optimistic of getting a positive answer from Owen.
The former Liverpool and Real Madrid striker illustrated his importance to the club which paid £17million for his services three and a half years ago when he celebrated his 29th birthday with his 29th goal in their colours in the 3-0 win at Portsmouth on Sunday.
Owen produced a superb finish despite the best efforts of former England team-mates Sol Campbell and David James to remind both the Magpies and national boss Fabio Capello of his potency in front of goal.
The Italian does not currently see Owen as part of his plans, but where Pompey's Jermain Defoe and Peter Crouch, both part of Capello's plans, fired blanks, he took his big chance with aplomb.
He later refused to be drawn on his future amid speculation that a series of suitors will attempt to lure him away from Tyneside during next month's transfer window.
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