Owen’s contract with Newcastle is set to expire and the 29-year-old striker is searching for a new club.
News of the World says Hull are ready to offer Owen a one-year contract worth £40,000-a-week.
Owen will also be paid £40,000 for evey game he plays and £10,000 for every goal he scores for the club.
Hull chairman Paul Duffen admitted: “We’re interested in Michael Owen on the right terms. He’s a fantastic footballer. He’s had a few injury problems but we would have to be interested in him.
“If the right deal can be done then we would definitely be keen to sign him. We are an ambitious football club and we want to show that.
“It would be an enormous move for us but the deal can be done if it is on the right terms.”
