Ferguson already has four international strikers at his disposal in Wayne Rooney, Ruud van Nistelrooy, Louis Saha and Alan Smith.

However Owen's scoring record at the highest level is proven, and United have indicated they would back Ferguson should he want to bring Owen back to the Premiership from Madrid.

United chief executive David Gill said: "The money is there for Alex.

"If he identifies a talent that he thinks will improve the squad - and that is the crucial thing - the funds are available.

"The Glazers have said that if there is a big player out there who is available, then the money is there to go for him.

"We can still afford a lot of money for top players and at the same time we are also able to develop many of our own."

Arsenal manager Arsene Wenger said Owen was not a target.

"At the moment I'm not looking for a striker. I'm looking at some other areas," he said on Sky Sports. "I have not made any approach for Michael Owen."

Madrid have said they would listen to offers for Owen after signing strikers Julio Baptista and Robinho.

Owen has slipped to fifth in the pecking order behind the new arrivals plus Raul and Ronaldo.

The 25-year-old cost Madrid 8 million pounds last summer and they are expected to seek a profit, however United may be in a strong position if they are the only bidding club.

The 25-year-old knows he cannot afford to sit on the bench with the World Cup finals fast approaching but there has also been reported interest from Liverpool and Newcastle.