The 28-year-old’s current contract with Newcastle expires at the end of the season.
Redknapp would be prepared to make a £4million bid to secure the former Liverpool ace in the January transfer window.
News of the World says Michael Owen will be offered a new three-year deal worth around £80,000-a-week by Newcastle.
But it is believed the former Real Madrid striker would be interested in joining Redknapp at White Hart Lane.
