Kinnear says Michael Owen will be leaving Toon

Michael Owen won't be signing a new contract at Newcastle United, with manager Joe Kinnear admitting the striker will be talking to rival clubs in January.

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Owen's goals are crucial for Newcastle

With Nicky Butt, Shola Ameobi, Steve Harper and Mark Viduka also in the final year of their deals many clubs from home and abroad will be circling over St James' Park in the New Year.

Kinnear met owner Mike Ashley this week and secured a reported £12million to spend in the window, but it seems no amount of money will secure Owen's signature. He told the Newcastle Journal: "I've not really had a chance to talk to the players about their contracts and I don't know what is going to happen. The players who are out of contract, I have spoken to a few of their agents. They are holding back as well. They are waiting to see what their options are in January and who comes in for them. They will make a decision then.

"I'm speaking to Shola's agent on Monday so we will see what happens there, but there isn't much I can do if the players have decided they want to see what else is there for them in January.

"I just hope I can get the players in I want because if we can get them we'll be smoking."

Kinnear claims talks have already opened with the agents of two £6million rated stars as he prepares to spend funds many thought wouldn't be forthcoming.

He said: "I have had a positive meeting with him [Ashley]. I put the case for bringing players in and we are talking to some players and their agents and clubs. We have to be ready when the window opens. I would like two to three players."

"I have given them the prices. I told them two players who cost six million each, which is £12m. He said fine, leave it with me. I will come back to you. There are players available who will help us and we will have to wait and see because I don't want to say much more.

"Mike was fine with it. We have got one who is 'umming and aah-ing, but we are still banging on the door and he is still a player we have identified.

"Instead of cash the club decided they'd come in for one of our players in an exchange. That would leave us stronger in one area and weaker in another. It would be straight swap. I am not sure we would benefit from losing another player."