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The Reds boss was lukewarm about the former Anfield man earlier in the summer, preferring to sign Peter Crouch from Southampton.
But after encouragement from his board, the Spaniard has indicated he is prepared to do business if the price is right.
As Owen's Real Madrid career was effectively ended by the Spanish club's claim that both Manchester United and Newcastle had made moves to bring him back to England, Liverpool were hovering in the background.
Manchester United, within an hour of the Real Madrid claim, issued an emphatic denial and Owen, in turn, rejected an offer to join Newcastle.
Benitez now plans to offload Czech striker Milan Baros within the next 48 hours to pave the way for Owen's return to Merseyside.
The Liverpool boss has done something of a U-turn over Owen's merits after opting to sign Crouch rather than the former Anfield favourite.
But with Madrid lowering the asking price after having no takers for their original £16million valuation, Benitez and the Liverpool board are now ready to step in and offer Owen the escape route he needs - if the price is right.
A day of confusion over Owen's future began when Real spokesman Antonio Garcia Ferreras said: "Newcastle are very interested in Owen.
"They are following him closely and are showing the most concrete interest. However, there are other sides showing an interest, including Manchester United."
That latter claim was emphatically denied by United, although Newcastle chairman Freddy Shepherd, who has made an initial £11m bid, confirmed: "We've had a discussion with Madrid but we won't be commenting further on any speculation."
But Newcastle's hopes were ended when Owen turned down the chance to join them in time for a sensational debut at Arsenal on Sunday.
Real Madrid's up-for-grabs striker was given the chance to make the deal happen yesterday but said 'no' to Graeme Souness's club.
And that has left an opening for Liverpool to exploit, especially with Benitez confident of wrapping up the £6m sale of Baros to either Lyon or Monaco. Benitez has come to the view that his return makes commercial and football sense if it does not impinge on his other transfer activity.
Liverpool will ask Real to allow Owen to join them on loan with a view to a permanent move back. The Bernabeu club want Owen off their books within a fortnight.
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...his transfer his edging closer and closer, which is a good thing.
I also heard a short while ago that one of the reasons Gerrard re-signed was the promise of Owen returning.
> I'm starting to favour Owen to Newcastle.
me too. Would like to see Owen at a club outside the top 5 as it would make the league more balanced. Thier midfield is top class now, and they could have a decent season with owen.
> Hmm. I just heard someone pronounce Baros' name "Milon
> Baras".
They suck :-)
*shudders at the thought of how those muppets at Sky Sports would pronounce that*
Liverpool board can convince Rafa Owen is actually
> spanish
I thought his real name was Miquel Lopez Owenoz?
Smith is still there and Solskjar is ready... Saha too...
Liverpool don't REALLY need Owen, he is better than arguably all of Liverpool's current crop of strikers but Morientes, Baros, Crouch and Cisse are still a strong line up of strikers. Even if Baros is sure to go.
I'm starting to favour Owen to Newcastle. It'll strengthen Newcastle no end... ignoring the Midfield Newcastle lack depth but they have a very solid first team. Chelsea will have a harder season this season if the likes of Liverpool, Spurs, Everton, Newcastle and Man United are all much stronger than before. Especially as Chelsea have only bought bench warmers (including Essien).