Tottenham boss Harry Redknapp believes Michael Owen will agree a new deal with Newcastle rather than move in January or run down his contract.
Owen, England's leading scorer among current international players, will be a free agent in the summer if he does not put pen to paper at St James' Park.
Redknapp said: "He will be a great free transfer for somebody if he doesn't sign for Newcastle, but I think there is every chance he will stay at Newcastle because it's a great club."
He added: "He's still got plenty of life and plenty of goals in him.
Redknapp came close to being Owen's boss at Newcastle but he turned down the chance to move north last January.
Redknapp stayed at Portsmouth before being appointed at Spurs two months ago, with Kevin Keegan and Joe Kinnear in the hotseat at Newcastle since.
"I was absolutely nailed on to go at one time, I had really made up my mind to go," Redknapp said.
"On the Friday night I was going to go. I went out with my wife and Frank Lampard Senior and his wife Pat for dinner, and I sat down and we had a chat. I just decided I was happy where I was at the time.
"It was just a big upheaval at that stage of my life - living up north and moving away. There were lots of factors, but personal factors more than football.
"As far as football went you couldn't knock being manager of Newcastle because it's a fantastic club and a great challenge for anybody. At the time, I just wasn't really up for moving up to Newcastle, with the wife and dogs. It was quality of life."
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