Newcastle manager Kevin Keegan believes time is of the essence as Michael Owen's contract situation at St James' Park remains unresolved.

The England international's future has been the subject of conjecture for some time with the striker having just over a year to run on his current deal.

Keegan is keen to hold talks with Owen about a contract extension as the Magpies look to tie him down to a long-term deal.

However, Keegan is concerned that the club might be taking a risk over Owen's future if they fail to open discussions in the near future.

"He has every right to be free at the end of the season and go anywhere he wants," Keegan said in The People.

"That's why I said eight weeks ago we should tie him up. If we don't, and we lose him, then what can I say?

"It shouldn't happen and it probably won't happen. But it could. He's not knocking the door down saying what's happening and I'm not pushing things either.

"I said what I said and I think Michael knows how I feel. In a playing sense, he's been asked different questions and the answers he's coming up with are world class.

"In the position he's playing in for us, nobody in the world could do a better job. He's linking us up and scoring goals.

"Instead of having one player up front we've got two. It's like we're playing with 12 men sometimes."

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