The England striker has suffered an injury-plagued spell on Tyneside since joining from Real Madrid for £16m in 2005.
But the 28-year-old, who has has one year remaining on his current contract, has insists he is looking beyond that after returning to full fitness last season.
Staying on Tyneside? Michael Owen is eager to extend his stay at Newcastle.
Owen finished with 11 goals in total, putting him in equal 13th position for Barclays Premier League goals for the 2007-8 season.
"We've just opened contract talks, we are talking," Owen told At The Races.
"I've got this season left regardless and we're working on a deal to stay longer.
"There'll probably be news in a month or two.
"This last year I played fully without hiccups to my knee. That's well behind me now."
-
London gets ready for the Diamond Jubilee - in pictures
-
EXCLUSIVE: I won't play with Joey Barton, says Adel Taarabt
-
Diamond Jubilee: Boat by boat, here is where to watch the Queen's Thames flotilla - VIDEO
-
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party
-
News pictures of the day
-
Locked up and banned: The Tube drunk whose vile racist rant was caught on film (video)
-
London 2012 Olympics: Raising the bar and the Games haven't even started yet. Price of toasting Team GB is £6 a pint! -
Timebomb ticking in Thames Estuary could put Boris Island plans in jeopardy -
-
‘We will form a human barricade to keep missiles off our homes’
Why I think doctors are right to strike 
Family pay tribute to the London man who gave his life to save a five-year-old girl from drowning 
Eton schoolboys fly Games flag on Everest 
Horror on the 5.53! Commuter dragged 200 feet after getting hand trapped on train 
Shrimpy's - review 
The O2
Check out the cool stuff happening under our tent such as the hottest gigs, comedy, sport, films, clubs, bars, restaurants and much more.
A home to be proud of with Halifax
Download the Halifax's brilliant, free new Home Finder app, and take all the pain out of finding your dream home.
Can you imagine a career in teaching?
Be inspired to teach - let real teachers show you how rewarding the job can be.
Playing a game-changing role during the Games
Cisco is providing the solutions for London 2012's complex IT needs.
Win a Silverstone track day with Zantac 75
Feel the burn of a different kind - 20 Silverstone motoring experiences to be won
Celebrate with MARTINI®
This weekend toast one royal with another and make your Jubilee sparkle with a MARTINI Royale.
Rock star
Happy anniversary
Victoria Coren
Summer party
Diamond Jubilee
Glamour Awards
Garden party
First review
Fair-weather goths
Dog save the Queen
