SIR Alex Ferguson is today on the verge of signing Michael Owen.

It would represent a major gamble by the Reds boss after missing out on his top summer targets to bitter rivals Real Madrid.

M.E.N. Sport understands Owen, who launched an unprecedented `buy-me' brochure in an effort to find a club, has already undergone a hush-hush medical.

Ferguson has always been an admirer of Owen and would insist on a `pay as you play' or goal-related deal.

But, being a free agent, he would represent a cheap option, reminiscent of the signings of Henrik Larsson and Teddy Sheringham, who were both at the end of their careers when they enjoyed successful swansongs at Old Trafford.

It would represent a major turnaround for 29-year-old Owen, who has been dogged by constant injury problems in disappointing spells at Madrid and Newcastle since bursting on the scene at Liverpool as a teenager.

His career looked to be heading in the wrong direction after so far failing to convince England boss Fabio Capello that he's worth a place in his squad with only Hull and Stoke publicly declaring an interest in the striker.

United refused to make a comment about a possible deal.

Salford bookie Fred Done last night suspended betting on Owen joining the Reds after his odds came in from 20-1 to 1-2.

However, Owen is unlikely to appease supporters looking for major names to replace Cristiano Ronaldo and Carlos Tevez with the Reds missing out on Karim Benzema and Kaka to Madrid and Franck Ribery, who said the Spanish capital will be his only destination if he leaves Bayern Munich.

Ferguson is desperate to rebuild the depleted Premier League champions and may also turn to Luis Fabiano and Klaas Jan Huntelaar.

He will have to move fast to land Sevilla's Brazilian striker, Fabiano, who is close to a £15m move to AC Milan.

He tracked Fabiano, as well as Huntelaar, last summer, but completed the £30.75m signing of Dimitar Berbatov instead.

But the loss of Tevez and Ronaldo has left him in need of more firepower – as well as world class performers to add star quality to his side.

Real President Florentino Perez is also willing to let Huntelaar leave quit Madrid as he bids to recoup some of his incredible spending this summer.

However, Huntelaar has so far refused to consider a move away from the Bernabeu.

Sergio Aguero is another player Ferguson has monitored closely, but United have so far been put off by the astronomical figures Atletico Madrid have quoted for the Argentine, who they value at around £40m.

Ferguson is determined not to be held to ransom by clubs trying to take advantage of their £100m transfer kitty.