The pair do not enjoy a favourable relationship after comments made in Owen's autobiography.
"He (Keegan) seemed the complete package. But if it was for some players, it wasn't for me. I assume the manager had told his staff what he thought of me and plainly it wasn't complimentary," he stated in the 2004 book.
"I felt I was being singled out...there was so much pressure on him he needed a scapegoat. As soon as he said one negative thing about me it led to another."
One possible stumbling block would probably be the transfer fee.
Manchester City are also rumoured to be interested.